Sales
661 residential homes sold in May. This is a decrease of 22.7% compared to the same month last year, and 5.5% below the previous 5-year average.May sales included 404 detached (down 16.7% from May 2021), and 115 townhouses (down 38.5%). Sales also included 95 condominium units (down 12.0%) and 47 semi-detached homes (down 36.5%).
Prices
In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $875,194. This is a 18.3% increase over May 2021 and a 3.5% decrease compared to April 2022. The average price of a detached home was $1,016,834. This is a 17.0% increase from May 2021 and a decrease 4.2% compared to April 2022. The average sale price for a townhouse was $708,722. This is a 17.7% increase from May 2021 and a decrease of 7.2% compared to April 2022. The average sale price for an apartment-style condominium was $545,825. This is an increase of 19.7% from May 2021 and a decrease of 9.1% compared to April 2022. The average sale price for a semi was $730,768. This is an increase of 10.7% compared to May 2021 and a decrease of 7.0% compared to April 2022.
Benchmark
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $848,600 in May. This is a 15.1% increase over May 2021 and a 4.7% decrease compared to April 2022. The benchmark price for a detached home was $945,800. This is a 14.6% increase from May 2021 and 4.9% decrease compared to April 2022. The benchmark price for a townhouse is $728,300. This is a 22.6% increase from May 2021 and a 5.1% decrease compared to April 2022. The benchmark price for an apartment-style condominium was $550,100. This is a 26.9% increase from May 2021 and a 1.8% decrease compared to April 2022.
Listings
There were 1,422 new listings added to the MLS® System in KW and area last month, an increase of 33.9% compared to May of last year, and a 40.4% increase compared to the previous ten-year average for May.
Inventory
The total number of homes available for sale in active status at the end of May was 902, an increase of 98.2% compared to May of last year, and 28.8% below the previous ten-year average of 1267 listings for May.
Days on Market
The number of months of inventory increased to 1.6 months in May from 1.2 months in April. While inventory is still at historic lows, this is the highest it’s been since September 2019. The average number of days to sell in May was 11 days, compared to 9 days in May 2021. The previous 5-year average is 16 days.
Source: KWAR
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