KITCHENER-WATERLOO, ON (November 5, 2013) –– Residential property sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October were down 4.0 percent compared to October of last year.
A total of 481 residential properties were sold compared to 501 the same time last year. Year-to-date sales are up 3.3 percent with 5,620 homes trading hands so far this year. That stands 2.2 percent above the 5-year average and up 3.2 percent from the same time in 2012. Residential sales in October included 313 single detached homes (down 2.8% from last October), 44 semi-detached (down 8.3%), 36 townhomes (up 9.1%) and 85 condominium units (down 7.6%).
“On a monthly basis the number of sales in October was in line with the average of the past 5 years,” says Dietmar Sommerfeld, President of KWAR. “Looking at year-to-date figures, homes sales are the highest they’ve been compared to the last five years.”
Sommerfeld says he is confident about the local economy and the region’s housing market, pointing to a recent Canadian Mortgage Housing Corporation (CMHC) report (Fall 2013) that states steady mortgage rates combined with stable/increasing employment in the Region will continue to keep housing demand strong moving into early 2014.
Single detached homes sold for an average price of $352,807 an increase of 3.6 percent compared to last year. The average sale price for a condominium was $214,226 a decrease of 0.7 percent compared to October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased 3.3 percent to $312,785 compared to October 2013.
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.