KITCHENER-WATERLOO, ON (February 5, 2015) –– Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down in January compared to January of 2014.
There were a total of 290 residential properties sold last month, a 9.9 percent decrease compared to the same month last year.
“Coming off an above average month in December, sales have slowed in comparison to last January,” stated Mark Wolle, President of the KWAR. “This isn’t unexpected; typically the winter months are not as active leading up to the busy spring market.”
January’s residential sales included 188 detached homes (down 9.6 percent compared to January 2014) 57 condos (down 24 percent), 18 semis (up 5.9 percent), and 25 freehold townhouses (up 31.6 percent).
The average sale price of all homes sold in January was $318,075, a decrease of 1.6 percent compared to the same time last year. Single detached homes sold for an average price of $357,018, a decrease of 4.6 percent compared to January 2014. In the condominium market the average sale price in January was $230,216, a 6.6 percent increase compared to the same month a year ago.
“Recent interest rate cuts and a series of positive economic predictions for the region by a number of outside sources should continue to draw people looking to live and invest in Waterloo Region,” said Wolle.
The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold.
Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.