November Home Sales on Par with 2013, Up on a Year-to-Date Basis
KITCHENER-WATERLOO, ON (December 3, 2014) –– Homes sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in November were on par with sales compared to November of last year. Residential sales have totalled 6,251 on a yearly basis which is a 2.7 percent increase over last year, and also a year-to-date record for total units sold since 2007.
A total of 469 residential properties sold last month, the same number of transactions that occurred in November 2013. Residential sales in November included 298 single detached homes (down 1.3% from last November), 40 semi-detached (down 2.4%), 49 townhomes (up 58.1%) and 80 condominium units (down 13%).
“2014 is coming to end and we’ve had an incredible year for home sales in the Region,” says Mark Wolle, newly elected President of KWAR. “With the CMHC forecasting steady mortgage rates and stronger employment in the Region into 2015 we look forward to continued demand for housing in Waterloo Region.”
Single detached homes in November sold for an average price of $385,533 an increase of 3.7 percent compared to last year. The average sale price for a condominium was $206,598 a decrease of 5.0 percent while townhomes and semis sold for an average of $277,442 (up 3.5%) and $255,896 (up 6.3%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 3.0 percent to $331,964 compared to November 2013.
“Waterloo Region is a highly desirable place to live and work,” says President Wolle, “With more than 1,000 technology companies, a healthy manufacturing sector, growing colleges and universities, excitement surrounding the LRT (ION), the Region continues, and will continue to be a great place to invest in a home.”
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.