KITCHENER-WATERLOO, ON (June 4, 2014) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were down 5.6 percent compared to last year’s record setting month of May.
A total of 725 residential properties were sold in the month of May compared to 768 the same time last year. This was only the second time since 2007 that residential sales in May have exceeded 700 total sales. Comparing the 5-year average for the month of May shows a 5.7 percent jump in residential sales.
“The spring home buying season was in full swing this May” says Lynn Bebenek, President of KWAR. “Strong sales and price gains reflect the confidence homebuyers have in regional housing market as a great place to live and invest.”
May’s sales included 514 single detached homes (down 3.4 % from last year) 101 condominium units (down 17.9 %), 60 semi-detached (up 3.4 %) and 43 freehold townhouses (down 2.3 %).
The average sale price of all residential sales through the KWAR’s MLS® System increased 3.5 percent last month to $345,323 compared with May 2013. Single detached homes sold for an average price of $386,474 an increase of 2.1 per cent compared to last year. The average sale price for a condominium was $226,157, an increase of 6.4 percent compared to May 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®.