STRONG HOME SALES IN MAY
KITCHENER-WATERLOO, ON (June 2, 2015) –– There were 553 home sales in Kitchener-Waterloo last month though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR). This represents an 8.4% increase compared to May of 2014, and 9.6% above the 5 year average for the month May.
With a total of 2,926 home sales occurring through the KWARs MLS System®, year-to-date sales are 3.3% above the five year average. Although sales numbers in Kitchener-Waterloo are higher in comparison to May of last year, they are on par with the month of April, at 1.7% above last month’s residential sales numbers, a difference of nine home sales.
“It’s been a very busy but typical spring market” says Mark Wolle, President of KWAR. “Low mortgage interest rates and a diverse local economy continue to support home buying in Waterloo region.”
Much like the month of April, sales activity in the $300,000 – $349,999 posted a healthy increase in the month of May with 126 homes sold in that range, a 24.8% increase from the same time last year. Sales in the $400,000 – $499,999 also increased with 81 sold in this price range, a 28.6% increase. Sales in KW included 355 single detached homes (up 4.7 %), 113 condominium units (up 28.4%), 44 semi-detached (up 2.3%) and 40 freehold townhouses (up 8.1%).
The average sale price of all residential sales through the KWAR’s MLS® System increased 0.7% to $347,541 compared to the same time last year. Within the cities of Kitchener-Waterloo residential sale prices increased 1.6 percent to $343,750 compared to May 2014. Single detached homes sold for an average price of $390,704 an increase of 1.1% compared to last year. Condominium market prices were up 7.1%, with the average condo unit selling for $237,649.
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®.
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