Continued strength in local home sales

Continued strength in local home sales

KITCHENER-WATERLOO, ON (May 3, 2012) ––   Residential real estate sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), were up over last year for the second consecutive month.

Members of the KWAR sold 672 residential properties in April, an increase of 8.9 percent compared to April of last year. April’s results are on par with the number of sales that happened last month and in line with the previous 5-year average for units sold in the month of April.

“A robust market is an indication that homes remain a solid investment within our vibrant diverse local economy and people have confidence in both,” says Sara Hill, President of KWAR. “Interest rates remain low, and this in combination with the traditional spring buying season is supporting strong residential activity.”

April’s sales included 452 detached homes (up 8.4%), 120 condominium units (down 1.6), 55 semi-detached (up 22.2%) and 42 townhouses (up 40%).

The average sale price of all residential sales increased 1.9 percent to $316,023 compared with April 2011. Single detached homes sold for an average price of $357,597, an increase of 2.1 percent compared to last year. In the condominium market prices moved up a slight 0.3 percent to $214,771.

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®.

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