KITCHENER-WATERLOO, ON (November 5, 2014) –– Home sales surged in the month of October with a total of 563 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) compared to 481 during the same period in 2013, an increase of 17 percent.
Year-to-date 5,800 homes were sold, which is the second highest ¬¬number of units sold in the last 10 years and represents a 2.9 percent increase compared to the same time last year and 4.8 percent above the 5-year average for sales year-to-date.
Single detached homes in October sold for an average price of $377,895 an increase of 7.1 percent compared to last year. The average sale price for a condominium was $212,877 a decrease of 0.6 percent compared to October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased 5.4 percent to $330,121 compared to October 2013.
The large increase in average price was due partly to the 57 homes sold in the $500,000 – $999,999 price category compared to 25 in 2013.
“We’re continuing to see strong sales in the Region, with the second highest number of units sold in October on record,” said Lynn Bebenek, President of KWAR. “This fall sales rush reinforces the fact that the traditional spring market was pushed into the late summer months and Waterloo region continues to be a desirable place to invest in homeownership.”
Residential sales in October included 375 single detached homes (up 19.4% from last October), 29 semi-detached (down 34.1%), 35 townhomes (on par) and 117 condominium units (up 37.6%). Dollar volumes for October and year-to-date sales were both at all-time highs with increases of 23.4 percent and 7.1 percent respectively.
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®.