Home Sales Down in November, Up on a Year-to-Date Basis

Home Sales Down in November, Up on a Year-to-Date Basis

KITCHENER-WATERLOO, ON (December 4, 2013) –– Homes sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in November were down 8.2 percent compared to November of last year. Residential sales have totalled 6,080 on a yearly basis which represents a 2.3 percent increase over last year, and also a year-to-date record for total units sold since 2007.

A total of 459 residential properties were sold compared to 500 the same time last year.  Residential sales in November included 295 single detached homes (down 9.2% from last November), 41 semi-detached (up 20.6%), 30 townhomes (up 7.1%) and 90 condominium units (down 15.1%).

“Looking back on 2013 as it winds down, we’ve had a strong and stable year of homes sales” says Lynn Bebenek, newly elected President of KWAR. “The strength of our local economy and low interest rates continue to support housing demand in Waterloo Region.”

Single detached homes sold for an average price of $370,068 an increase of 3.0 percent compared to last year. The average sale price for a condominium was $214,932 an increase of 3.4 percent while townhomes and semis sold for an average of $268,194 (up 2.3%) and $240,645 (up 1.7%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 3.1 percent to $320,591 compared to November 2012.

“November’s housing sales demonstrate that Waterloo region continues to be a desirable place to live and work,” says President Bebenek, “With local job creation expected to outpace losses next year, and barring any drastic changes in lending rates, Waterloo region should continue to enjoy a healthy housing market in 2014.”

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®.  REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

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