October Residential Sales Up
KITCHENER‐WATERLOO, ON (Nov 3rd, 2011) –– The number of residential real estate sales through the Multiple Listing Service (MLS®) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) increased to mark a gain over October 2010 of 4.9 percent.
There were a total of 470 residential sales, with a total dollar volume of $143,058,192, representing a 5.6 percent increase over results recorded in October 2010.
“Although all marketplaces are subject to month to month fluctuations it is obvious that we have a strong, stable market in our region,” said George Patton, President of the KWAR. “We are seeing that people have confidence in investing in the housing market in this area.”
Year‐to‐date, there have been 5,574 residential units sold, a decline of 2 percent compared to the same period last year.
Home sales last month included 309 detached homes (up 6.6 percent from October 2010), 98 condominium units (up 3.2 percent from October 2010), 31 semis (down 11.4 percent from October 2010), and 26 townhouses (on par with October 2010).
Price increases were stable in October; the average price for all residential properties last month was $304,379, a 0.7 percent increase compared to a year ago.
Similarly, the average price of a single family detached home sold in October increased a slight 0.9 percent to $332,358. “Those wishing to enter the housing market can still take advantage of low interest rates,” says Patton. “Buyers can feel confident that they are purchasing in what is a healthy local housing market.”
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 REALTOR®.