Home Sales Continue Upward Trend

Home Sales Continue Upward Trend

KITCHENER-WATERLOO, ON (July 4, 2013) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) half way through the year are up 1.4 per cent compared the same time last year. Residential sales totaled 3,511, 2.2 per cent ahead of the previous 5-year average of residential sales year-to-date.

In the month of June 648 residential properties were sold compared to 607 in June of last year, representing a 6.8 per cent increase in sales volume.

“Residential sales in Kitchener-Waterloo continue to perform well” says Dietmar Sommerfeld, President of KWAR. “We’re seeing a slow and steady upward trend in sales which is exactly what we like to see, stable and steady growth.”

June’s sales included 422 single detached homes (up 9.9 % from last year) 122 condominium units (down 7.6 %), 58 semi-detached (up 9.4 %) and 35 freehold townhouses (up 6.1 %). Year-to-date residential sales display a similar distribution with 2,367 single detached homes (up 3.6 %) 605 condominium units (down 9.4 %), 283 semi-detached (up 6.0 %) and 218 freehold townhouses (up 0.5 %).

On a year-to-date basis, the average sale price of all residential sales increased 4.6 per cent to $327,569 compared to 2012. Single detached homes sold for an average price of $371,898 an increase of 4.2 per cent compared to last year. The average sale price for a condominium units sold in the first half of the year was $215,219, an increase of 2.7 per cent over 2012.

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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