The local real estate market continues to be impacted by the COVID-19 pandemic.
Statistics from the Kitchener-Waterloo Association of Realtors, released Wednesday, show home sales declined by 40.5 per cent in May compared to the same month last year.
But the association says sales were actually up 80 per cent compared to April, when sales dropped off by more than 60 per cent.
"In May we saw the strong appetite for homes in the Kitchener-Waterloo area is still very much alive," said Colleen Koehler, President of KWAR.
"But as the virus continued to circulate in the community many would-be sellers were reluctant to put their homes on the market. For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing." she added.
A total of 419 homes were sold through the Multiple Listing System in May.
Here's the breakdown by category:
- 255 detached homes (down 41 per cent from May 2019)
- 42 condominium apartments (down 42.5 per cent)
- 79 townhouses (down 42.8 per cent)
- 43 semi-detached homes (down 29.5 per cent)
The average sale price of all residential properties sold in May was over $568,000, an increase of 6.5 per cent compared to May 2019.