An increase in homes for sale caused Kitchener Waterloo real estate sales and prices to gear down in June. The average sale price in Kitchener Waterloo in June declined about 10% from April's peak of $504,360 to $453,392.
Note, year-over-year, average sale prices in Kitchener Waterloo are still up about 18%. Successful sellers are receiving, on average, 103.5% of their asking price.
The number of sales declined marginally year-over-year as June 2017 saw 559 sales versus 573 in June 2016.
Regular readers of this Kitchener Waterloo real estate blog will know not to put too much stock in one month's results but rather to keep an eye on trends in the market. Trends we're watching in the current market include the following: it is taking longer, on average, to sell a home and the number of homes for sale is rising.
One trend to keep a close eye on is lenders tightening credit. An unusual development saw 22 homes conditionally sold come back on the market over the past week.
Wondering where all of this leaves you? I'm always happy to answer any questions you might have. Feel free to call, text or email 519-505-4488 firstname.lastname@example.org.