KITCHENER-WATERLOO, ON (August 4, 2011) –There were a total of 512 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July, representing a slight increase of 1.6 percent compared to the same month last year.
July’s residential sales included 350 detached homes, 93 condominium units, 35 semis, and 30 townhouses.
Driving the residential sales market in July was the sale of detached homes which increased 4.5 percent relative to one year ago. Furthermore, it was the higher price ranges that experienced the biggest increases in activity, notes George Patton, President of the KWAR. “While this time last year we had nineteen percent of the activity happening above the $350,000 price point, this past month saw that proportion jump to twenty-seven percent.”
More sales in the higher price brackets have contributed to the 6.7 percent increase in the average sale price of residential properties to $302,974 in July. Single Detached homes also increased 6.6 percent to $343,020. The average sale price of condominiums increased 7.9 percent to $198,461 over July 2010.
Although July’s sales were only marginally better than last year, Patton is upbeat about the local real estate market. “Consumers value home ownership in this region, and they value the community. A home is still one of the best investments you can make, and this community is one of the best in the Country to call home—it’s a perfect combination.”
Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.