Temperatures Have Cooled but Home Sales Still Hot
KITCHENER-WATERLOO, ON (August 7, 2013) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July were up 15.9 percent compared to July of last year.
A total of 620 residential properties were sold compared to 535 the same time last year. Home sales in the month of July were also 8.1 per cent above the 5-year average for the month.
“We’re seeing strong residential activity this buying season and buyers remain confident that homes in this region are a solid investment,” says Dietmar Sommerfeld, President of KWAR. “This July set a record for dollar volume of sales compared to the last 10 years.”
Residential sales in July included 410 single detached homes (up 18.8% from last year), 35 semi-detached (down 16.7%), 39 townhomes (up 21.9%) and 124 condominium units (up 14.8%). Year-to-date residential sales were up 3.6% from the same time last year and up 3.3% when compared to the 5-year average with a total of 4,138 units to date.
The average sale price of all residential sales through the KWAR’s MLS® System increased 4.9 per cent to $318,991 compared to July 2012. Single detached homes sold for an average price of $360,612 an increase of 3.8 per cent compared to last year. The average sale price for a condominium was $214,440, an increase of 0.9 percent compared to July 2012.
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®.