KITCHENER-WATERLOO, ON (March 5, 2014) –– Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 4.0 percent in February compared to the same month last year and up 34 percent compared to January’s results which were hampered by extreme cold and snow.
A total of 431 residential properties were sold compared to 449 the same time last year. Residential sales in February included 274 single detached homes (down 8.7% from last February), 33 semi-detached (down 13.2%), 28 townhomes (down 3.4%) and 93 condominium units (up 16.3%).
“February sales showed a healthy increase compared to January,” stated Lynn Bebenek, President of the KWAR. “Low interest rates and a diverse and vibrant regional economy will continue to support a stable market for the Kitchener-Waterloo area.”
Single detached homes sold for an average price of $387,288 an increase of 5.1 percent compared to last year. The average sale price for a condominium was $233,657 an increase of 6.8 percent while townhomes and semis sold for an average of $281,636 (down 0.7%) and $246,171 (down 3.0%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 3.0 percent to $335,217 compared to February 2013.
“Following up on what has been one of the coldest winters on record I expect we will see home buyers and sellers out in full force come the spring time,” said Bebenek.
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.