KITCHENER-WATERLOO, ON (November 3, 2010)The cooler fall weather was echoed by a decrease in residential home sales in October, however, sales for the year are at their second highest level ever.
Year-to-date, there have been 5,570 residential units sold, a 1.9 percent increase over last year.
On a year-over-year basis, sales declined 22.4 percent in October compared to the same period last year. Ted Scharf, President of the Kitchener-Waterloo Real Estate Board reminds consumers, “It’s always a good idea to look at year-over-year comparisons with some measure of caution. Last October the housing market was in the midst of a rebound and we saw a record number of homes being purchased and sold in that month.”
Home sales last month totalled $134,352,425 and included 288 detached homes, 93 condominium units, 35 semis, and 26 townhouses.
The average price of all residential properties sold through the MLS® System of the KWREB last month was $302,596 a 14.3 percent increase over OctoberÂ 2009.
“This seems like an incredible jump in the average price,” says Scharf, “but this time last year 54 percent of the sales were happening under the $250,000 mark. Last month, that figure was just under 40 percent.”
The average price of detached homes sold last month increased 13.5 percent to $346,436 relative to one year ago. Condominiums sold for an average of $207,328 in October, a 14.3 percent increase on a year-over-year basis.
“Though sales slowed somewhat in October, prices continue to do well,” says Scharf. “All those first time buyers who got into the market last year must be feeling good. Now that much of that demand has been satisfied, we should see a return to a more steady and stable real estate market.”