KITCHENER-WATERLOO, ON (August 6, 2014) –– There were a total of 662 residential properties sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July, an increase of 5.9 percent compared with 625 in July 2013.
Home sales in the month of July were also 16.6 per cent above the five-year average for the month.
Strong activity in July helped to bring the total number of residential sales on a year-to-date basis closer to historical levels. The 4,069 residential transactions to the end of July are 1.6 per cent below the 4,135 transactions during the same period in 2013, and l.5 percent above the previous five-year average of 4,005 units.
“Buyers are continuing to express their confidence in housing in the Region” says Lynn Bebenek, President of KWAR. “This July set a record for both dollar volume of sales and units sold compared to the last 10 years.”
Residential sales in July included 450 single detached homes (up 8.4% from last year), 47 semi-detached (up 34.3%), 40 townhomes (up 2.6%) and 115 condominium units (down 7.3%).
The average sale price of all residential sales through the KWAR’s MLS® System increased 5.0 per cent last month to $335,858 compared to July 2013. Single detached homes sold for an average price of $378,459 an increase of 4.7 per cent compared to last year. The average sale price for a condominium was $223,302, an increase of 3.9 percent compared to July 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®.