KITCHENER-WATERLOO, ON (September 4, 2014) –– With a total of 567 homes sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS®, the month of August posted a 9.2% increase in homes sales compared to the same month last year.
Home sales in the month of August were also 9.3% per cent above the 5-year average for the month and were the second highest on record compared to August sales in the last five years.
“The Kitchener-Waterloo and regional area housing market continues to be strong” says Lynn Bebenek, President of KWAR. “Higher than average sales activity in August and year-to-date speaks volumes about the confidence consumers have in our local economy and homeownership as an investment.”
Residential sales in August included 367 single detached homes (up 4.9% from last year), 42 semi-detached (up 13.5%), 39 townhomes (up 77.3%) and 115 condominium units (up 11.7%). Year-to-date sales were also up 2.7 percent compared to the five year average with 4,648 homes being sold.
The average sale price of all residential sales through the KWAR’s MLS® System increased 3.9 per cent last month to $329,892 compared to August 2013. Single detached homes sold for an average price of $378,251 an increase of 5.4 per cent compared to last year. The average sale price for a condominium was $225,167, an increase of 1.5 percent and the average sale price for a freehold townhome was $287,369, a decrease of 1.9 percent from the same time last year.
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®.