KITCHENER-WATERLOO, ON (May 6, 2014) – There were fewer residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in April compared to the same month last year.
A total of 652 residential properties sold in the month of April compared to 691 the same time last year, a decrease of 5.6 percent. In comparison to March, residential sales grew 21 percent, continuing the trend of monthly increases in home sales since the beginning of this year.
“We’re continuing to see increasing sales activity month after month,” says Lynn Bebenek President of the KWAR. “Persistently bad weather seems to have delayed decision to buy or sell homes, but the combination of increasing monthly sales, lower mortgage rates and some sun should drive increases in the months ahead.”
April’s sales included 445 single detached homes (down 6.1 % from last year) 121 condominium units (on par with last year), 38 semi-detached (down 19.1 %) and 41 freehold townhouses (down 2.4 %). Year-to-date residential sales were 6.6 percent below last year with 1,948 residential homes sold thus far.
While sales were a little slower this month the average sale price of all residential sales through the KWAR’s MLS® System increased 2.9 percent to $343,839 compared with April 2013. Single detached homes sold for an average price of $387,130 an increase of 2.2 percent compared to last year. The average condominium price was up 9.8 percent selling for $237,008, partially due to the sales of higher end condominium townhomes alongside traditional condos.
The KWAR cautions that 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 calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.