Home Sales Remain Steady in August

Home Sales Remain Steady in August

KITCHENER-WATERLOO, ON (September 6, 2013) –– There were are total of 512 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August, an increase of 2.8 percent compared to 498 homes sold in the same month last year.

Homes sales were also up on a year-to-date basis with a total of 4,648 units sold, up 3.4 percent from the same time last year. The number of units sold year-to-date is the highest volume of units sold when comparing to sales in the last five years.

“We saw strong residential activity this summer season and with record setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo,” says Dietmar Sommerfeld, President of KWAR.

Residential sales in August included 346 single detached homes (up 7.1% from last August), 37 semi-detached (up 2.8%), 22 townhomes (down 38.9%) and 101 condominium units (up 3.1%). Home sales in the $275,000 to $399,999 range increased by 18.8 percent this August an accounted for 40 percent of residential sales this month.

Single detached homes sold for an average price of $359,291an increase of 1.8 per cent compared to last year. The average sale price for a condominium was $223,114, a decrease of 3.3 percent compared to August of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased 1.9 per cent to $318,807 compared to August 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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