Residential estate sales flourished in May. There were 556 residential MLS sales in the month of May consisting of 537 resale homes and 19 new home sales. This represents the highest total in May since 2007.
Regular readers of this Kitchener Waterloo real estate blog will know that I don't waste time on new home sales as very few builders list their properties on MLS.
So here are the highlights. Resale homes were up 10% versus last May while average prices rose nearly 2% year-over-year to an average of $339,446.
Successful sellers received, on average, 98.3% of their asking price this May. Anything over 98% is indicative of strong demand and, thus, a seller's market. There are currently 1223 active resale homes on MLS which represents less than a 3 month supply.
It wasn't all good news as Kitchener Waterloo luxury home sales slowed to a crawl in May. The highest sale in May was $735,000 and there were 8 sales over $700,000. There are currently 140 properties for sale in Kitchener Waterloo with asking prices over $735,000. Whether sellers recognize it or not, the evidence points to a buyer's market in the luxury home segment.
Need help navigating the Kitchener Waterloo real estate market? For over 26 years, I've helped local buyers and sellers solve their individual real estate challenges. Feel free to call, text or email 519-505-4488 firstname.lastname@example.org.