KITCHENER-WATERLOO, ON (October 3, 2014) –– 553 residential properties were sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September, marking a new record high for the month. September’s home sales were up 14.3 percent over last year.
On a year-to-date basis 5,210 residential units have sold compared to 5,138 during the same period in 2013.
“September’s strong showing of home sales follows a slower than usual spring market and picks up on what was a very active August” says Lynn Bebenek, President of KWAR. “We continue to see evidence that the traditional spring market was pushed into the summer months because of the brutal winter weather we experienced earlier in the year”
More sales in the higher price ranges in September contributed to an 8.8 percent increase in the average price of a detached home to $385,780 compared to last year. The average price for a condominium was $233,321, an increase of 4.8 percent over September 2013. The average sale price of all residential sales increased 7.7 percent to $338,350 over September 2013.
Residential sales in September included 359 single detached homes (up 15.1% from last September), 48 semi-detached (up 6.7%), 35 townhomes (on par with last year) and 108 condominium units (up 27.1%).
The average price of all residential properties sold year-to-date was $337,661, a 4 percent increase over 2013. The average price of a detached home to the end of the third quarter was $383,885, a 4.3 increase over 2013.
“As the Waterloo region area continues to grow, the real estate market continues to be strong and healthy,” says Bebenek.
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®. With a REALTOR® at your side, you can have all the facts you need to make an informed decision.