KITCHENER-WATERLOO, ON (July 5, 2012) –– During the first half of the year sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) totaled 3,454, a slight increase of 0.1 percent over last year’s first-half results and consistent with the previous 5-year average of residential sales year-to-date.
In June alone, there were 596 residential sales, a 12.2 percent decrease compared to the same period last year.
“Overall, the Kitchener-Waterloo real estate market continues to show long-term strength and stability”, says Sara Hill, president of KWAR. “While June’s numbers were down somewhat from last year, the number of sales was plenty to bring us right on track with last year.”
Sales in the first half of 2012 included 2,278 detached homes (up 0.8 percent), 267 semi-detached (down 8.9 percent), 217 townhouses (up 2.4 percent), and 668 condominium units (up 2.3 percent).
On a year-to-date basis, the average sale price of all residential sales increased 3.4 percent to $312,661, compared to 2011. Detached homes sold for an average price of $356,596, an increase of 3.5 percent compared to last year. The average price of condominium units sold during the first half of the year was $209,563, an increase of 1.9 percent over 2011.
The president of the KWAR says that Kitchener –Waterloo’s high degree of market stability is supported by an extremely diverse local economy and consumer confidence in the value real estate as both a wise investment and lifestyle choice.
Ms. Hill cites a recent report from the Conference Board of Canada that says the region of Waterloo will experience the highest economic growth in Canada for medium sized cities in 2012, as additional confirmation that both buyers and sellers should feel very confident in the local real estate 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 local REALTOR®.