Dog days of summer not hampering homes sales in Kitchener-Waterloo

Dog days of summer not hampering homes sales in Kitchener-Waterloo

KITCHENER-WATERLOO, ON (August 3, 2012) –– There were a total of 534 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July, compared to 520 sales the same month a year ago, an increase of 2.7 percent.

July’s residential sales included 345 detached homes (down 2.8 percent), 42 semi-detached (up 16.7 percent), 31 townhouses (on par), and 108 condominium units (up 14.9 percent).

“While the summer has been a real scorcher so far, we continue to see steady consumer demand through the month of July”, says Sara Hill, president of KWAR. “On a year-to-date basis, the number of residential transactions is neck and neck with last year’s results.”

Last month’s sales bring the total number of residential sales year-to-date to 3,998, an increase of 0.7 percent compared to 2011.

The average sale price of all residential sales in July was $303,896, a 0.6 percent increase over the average sale price recorded in July 2011. Single detached properties sold for an average price of $346,894, a 1.6 percent increase relative to one year ago.

Reflecting the increased number of semis and condos that were purchased in July, the strongest price gains were seen in semi-detached homes and condos, with the average price of a semi increasing 7.7 percent to $242,642, and condominium sale prices increasing 7.3 percent to $212,884 compared to the same period last year.

“Overall in July, we experienced the slow but steady pace of sales that is very typical of the summer months. That being said, I am pleased by the increase of semi and condo sales last month”, adds Hill. “It tells me that the entry level buyers and downsizers are still moving nicely.”

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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