The local real estate market picked up in October, with year-to-year sales up nearly eight per cent.
Members of the Kitchener-Waterloo Association of Realtors sold 514 homes last month, which also represented a significant increase over the 448 homes sold in September. That’s the second-highest October sales tally in the last decade.
“It was a stronger than average October for home sales and listing activity,” association president Tony Schmidt said in a release. “Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market.”
Year-to-date sales of 5,070 residential properties are still down nearly 13 per cent compared to 5,822 sales by this time last year.
The average sale price rose 7.7 per cent year-over-year to $489,725, while the median price rose 6.5 per cent to $444,500. Detached homes went for an average of $576,731, up 6.2 per cent over last year; the detached median price last month was $525,350, up 8.5 per cent.
Apartment-style condos saw the biggest price gains in October, up 24.1 per cent to $310,215 compared to a year ago.
“Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos,” Schmidt said. “This is partly a reflection of demand being strongest in the entry-level price range as well as there being more newly constructed units in the mix.”
Realtors listed 760 residential properties last month, up 14 per cent over October, 2017 and 12.7 per cent higher than the 10-year average. There were 1,014 active listings on the association’s multiple listing system at the end of the month, 21 per cent higher than last year.