June Home Sales at their Strongest in Five Years

June Home Sales at their Strongest in Five Years

KITCHENER-WATERLOO, ON (July 4, 2014) – The number of residential properties processed through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) last month reached 714 units, representing an 8.8 percent increase over the same period last year, and the highest sales activity for the month of June since 2009.

On a year-to-date basis, home sales during the first half of 2014 totaled 3,398, a 3.2 percent decrease compared to last year, though in line with the previous 10-year average.

“The housing market in Kitchener-Waterloo and area continues to perform well,” says Lynn Bebenek President of the KWAR. “Home buying activity in the region is supported by low mortgage interest rates and the confidence consumers have in Waterloo region as a great place to put down roots.”

June’s sales included 490 single detached homes (up 14.2 % from last year) 120 condominium units (down 2.4 % from last year), 48 semi-detached (down 17.2 %) and 47 freehold townhouses (down 34.3 %).

The average sale price of all residential sales through the KWAR’s MLS® System increased 6.8 percent to $348,962 compared with June 2013. Single detached homes sold for an average price of $396,370 an increase of 6.4 percent compared to last year. Looking strictly at transactions within the cities of Kitchener and Waterloo, the average sale price of a residential property increased a more modest 1.9% to $333,560 in June, and single detached homes increased 1.4% to $386,982 compared to the same month 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®.

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