A residential sales report for the month of May 2018 was recently released by the Kitchener Waterloo Association of Realtors. Homeowners will find that residential property values have continued to hold stable or just below the threshold of our region’s peak sale prices during May 2017. Overall, listing inventory is up nearly 30% from last year (although well below the historical average). Sales volume is down 15% year over year for the month of May but up 12% compared to April of 2018.
Buyers will find a much more stable market to select property compared to the same time last year, especially in property ranging above the $500,000+ mark. Entry level detached and freehold property below this threshold is still moving very quickly. The average DOM (days on the market) for property $500,000 or less sold in the last 30 days in Kitchener Waterloo was still a mere 13 days, with the list price to sales price ratio at 102.48%. This indicates multiple offers are still common and these listings tend to sell over list price. Likewise, the average DOM for local residential property $500,000 plus was 26 days while the list-price sale-price ratio was a little lower at 99.18% indicating a pace that is less brisk but still strong for Sellers.
As always, should you have questions regarding this report or what your home is worth please don’t hesitate to Contact Us here or simply give us a direct call. Establishing the value of an individual property is much more complex than simply looking at sales averages. If you’d like to learn more about that process, please visit us HERE.
If you are a Buyer trying to gain a sense of the market, we would be happy to assist you, Buyers can expect market valuations on potential purchases and notifications of listings the minute they hit the market, you can read more about that HERE.