KITCHENER-WATERLOO, ON (September 6, 2012) –– There were a total of 495 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August, a decrease of 4.4 percent compared to the 518 homes sold in the same month last year.
On a year-to-date basis, residential home sales remain on par with last year – with a total of 4,492 sales recorded.
August’s residential sales included 322 detached homes (down 7.7 percent), 35 semi-detached (up 6.1 percent), 37 townhouses (up 32.1 percent), and 97 condominium units (down 4 percent).
The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 7.3 percent in August to $314,623, up from $293,303 one year ago. Condominium units increased 9 percent to $231,654, up from $212,513 a year ago. Single detached homes sold for an average price of $354,064, a 7.6 percent increase compared to a year ago.
“While sales were down in August, we saw fairly strong price gains last month, says Sara Hill, president of the KWAR. “This was helped along by the fact that 3 residential properties sold for over 1 million dollars in August, compared to no sales in that price range last August.”
Also putting pressure on August’s average residential sale price was the increase in the number of homes that sold for more than $400,000. 96 homes were reported sold that came in over $400,000, representing an increase of 37 percent compared to the 70 homes that sold above that mark in August 2011.
Hill reminds consumers to use caution when looking at averages. The average sale price is based on the total dollar volume of all residential properties sold. 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.
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.