November sales show balanced market in Kitchener-Waterloo

November sales show balanced market in Kitchener-Waterloo

KITCHENER-WATERLOO, ON (December 3, 2010)  Home sales moved comfortably in November, with a total of 484 homes reported sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB). This is within the traditional range for November sales over the past five years.

The condominium property class had a notable increase in November, as the only residential property type to see an increase in the number of units sold compared to last year. There were 122 condominium units sold last month, an increase of 22 percent over November 2009.

The most popular price range in November was for home selling between $200,000 and $225,000, whereas over the last two years, the greatest number of homes has sold in the $225,000 to $250,000 price range.

“Consumers favoured more modestly priced homes in November, however on a year-to-date basis, it is amazing how the higher priced properties are driving much of the local real estate market,” says George Patton, President of the KWREB.

The strength of this residential market has resulted in a record breaking dollar volume of sales through the KWREB’s MLS® System, with year-to-date results for 2010 currently showing a total of $1,753,664,113, a 9.6 percent increase over the same period last year, and easily surpassing the previous record posted in 2007 of $1,619,377,742.

“In terms of total dollar volume, 2010 is poised to go down in history as our best year ever,” notes Patton.

“These numbers represent more than just what’s happening in the residential market,” adds the president, citing a study by Altus Group published in 2009 which found the typical MLS® home sale and purchase between 2006 and 2008 produced $46,400 in spin-off spending, including renovation and the purchase of furniture.

The average price of all residential properties sold through the MLS® System of the KWREB last month was $282,629, a 0.4 percent decrease compared to November 2009. Detached homes sold for an average price of $322,839 last month, a 0.6 percent decrease relative to one year ago.

Condominiums sold for an average of $209,094 in November, a 5.5 percent increase compared to the same month last year.

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