KITCHENER-WATERLOO, ON (March 4, 2015) –– Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 3.0 percent in February compared to the same month last year and up 43.9 percent compared to January home sales.
A total of 423 residential properties were sold compared to 436 the same time last year. Residential sales in February included 250 single detached homes (down 9.7% from last February), 44 semi-detached (up 29.4%), 31 townhomes (up 3.3%) and 97 condominium units (up 5.4%).
“Sales this February showed a healthy increase compared to January,” stated Mark Wolle, President of the KWAR. “And with the recent announcement that the Bank of Canada will be holding interest rates at 0.75% we should continue to see a steady, stable market for Kitchener-Waterloo.”
Single detached homes sold for an average price of $395,285 an increase of 1.2 percent compared to last year. The average sale price for a condominium was $230,568 a decrease of 0.4 percent while townhomes and semis sold for an average of $301,774 (up 6.8%) and $254,070 (up 3.6%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System decreased 0.4 percent to $335,740 compared to February 2014 with 42.6 percent of home sales in February occurring in the $250,000-$349,999 range.
“We’ve had some really frigid temperatures this past month and as things warm up I expect we will see home buyers and sellers out in full force come the spring time,” said Wolle.
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.
Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.