May home sales set new record in Kitchener and Waterloo

The month of May broke records for home sales in Waterloo region, andsales hit an all-time high for the second month in a row.

According to the Kitchener-Waterloo Association of Realtors (KWAR), 816 homes of 1,217 listed on the Multiple Listing System sold last month, which isan 8.2 per cent increase compared to the same month last year.

The average price of all residential sales was $496,664, an increase of 31 per cent from May of 2016.

James Craig, the president ofKWARsaid in a statement buyer demand for homes in the region gets the credit for the increase.

"With the persistent buyer demand we've been experiencing these past several months, it was great to see that spike in residential listings enter the market in May, as we've had a severe shortage of inventory," said Craig.

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Here's what sold in May:

• 493 detached homes sold, which was an increase of 3.8 per cent compared to May 2016.
• 180 condominium units such as semis, townhomes, apartments and detached homes, an increase of 7.8 per cent from May 2016.
• 64 semi-detached home sales, up 39.1 percent.
• 70 freehold townhouses, up22.8 per cent.

A look at prices shows:

• Detached homes sold for an average price of $594,047, an increase of 35.3 per cent over May 2016.
• Apartment style condominiums saw an average price of$293,158, an increase of 25.8 per cent.
• Townhomesincreased 30 per cent to an average sale price $361,198.
• Semis sold for an average of $383,819, which is an increase of29.3 per cent.

Homes were on the market for an average of 12 days compared to 24 days a year ago.