KITCHENER-WATERLOO, ON (Sept. 7th, 2011) – There were a total of 507 home sales through the Multiple Listing Service (MLS®) system of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 7.2 percent increase in residential sales compared to the same month last year. Sales in the month of August included 341 detached homes, 32 semis, 27 townhomes and 100 condominium units.
The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 4.3 percent to $293,149, up from $280,985 one year ago. Condominium units increased 3.2 percent in August compared to last year to $208,238. Similarly, the average sale price of detached homes rose 3.3 percent to $330,561 over August 2010.
Despite this increase in August sales compared to 2010, overall residential sales are down on a year-to-date basis from 4,615 to 4,476 units which signify a 3.0 percent decrease in transactions. Residential sales are also down from the month of July by 2.3percent which recorded 519 residential sales.
“There were a lot of positive numbers this August compared to the same month last year,” said George Patton, President of KWAR. “Sales were brisk; we had a good amount of multiple offers reported. The $300 to $350,000 price range was definitely the most popular with buyers in August, representing 14 percent of all sales for the month.”
Homes priced above $350,000 also saw significant activity and accounted for another 23 percent of sales in the month of August. “The cooler weather signifies the beginning of the fall market – always a busier time for real estate sales,” notes Patton.
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.