January’s deep freeze slows overall home sales condo sales up in January

January’s deep freeze slows overall home sales condo sales up in January

KITCHENER-WATERLOO, ON (February 5, 2014) –– Homes sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in January were down 5.3 percent compared to January of last year.

A total of 319 residential properties were sold compared to 337 the same time last year.  Residential sales in January included 207 single detached homes (down 13.4% from last January), 17 semi-detached (down 29.2%), 18 townhomes (down 28%) and 74 condominium units (up 54.2%).

“Coming off a strong 2013, the pace of home sales slowed down somewhat in January,” stated Lynn Bebenek, President of the KWAR. “The weather didn’t help much either; the extreme cold and heavy snow made January a less than desirable month to be out looking at houses.”

January’s deep freeze didn’t hamper sale prices however, single detached homes sold for an average price of $375,009 an increase of 5.7 percent compared to last year. The average sale price for a condominium was $214,921 an increase of 1.5 percent, while townhomes and semis sold for an average of $263,679 (down 0.9%) and $254,807 (up 3.5%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 1.1 percent to $323,533 compared to January 2013.

“The winter months can be hit or miss depending on the weather,” says Bebenek. “Buyers and sellers will be all the more eager once spring hits, and we are expecting a strong spring market.”

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®.  REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

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