The real estate market in Kitchener/Waterloo in May didn’t look all that different from the month of April, as it turns out.
There were 940 real estate transactions that occurred, which was up slightly from April, a 4% increase in the number of sales. When you combine that with the fact that the number of new listings dropped 1% from the previous month, this means Kitchener remains an extremely hot market.
“We did see modest drops in average sold prices, in both detached homes (down 3%) and attached homes (down 4%),” says Greig Turvey, Sales Representative, GoWylde Team/ReMax.
Condominiums were the lone exception. This segment saw a modest 1% increase over the previous month.
Has the home-buying frenzy cooled at all, even slightly? “We are still in the thick of bidding wars,” says Turvey, who explains that a whopping 84.24% of homes attracted multiple offers. The craziest example seen in May was a home that sold for 146% of the list price—
a hefty sum indeed. The average was a much more reasonable figure of 111.1%, which is still quite high.
In terms of comparisons, the Kitchener/Waterloo market remains hotter than its neighbours Cambridge and Guelph. It is an excellent market to sell in, especially if you already have a second home or if you have any plans to move to a slower market.
While for buyers this can definitely be a frustrating market, hold tight, Turvey suggests. Perseverance can pay off.
For more information, or to contact real estate agents Brad Wylde and Greig Turvey, visit the GoWylde Team or call 519-826-7109.