Condominium sales remain strong in K-W

By admin • October 5th, 2011

KITCHENER-WATERLOO, ON (Oct 5th, 2011) – Residential sales to the end of the third quarter of 2011 are behind last year by 2.9 percent. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLS®) of the Kitchener-Waterloo Association of REALTORS®, compared with 5,126 during the same period last year.

Overall residential sales brought the dollar volume to $1,493,498,796, an increase of 0.8 percent compared to one year ago.

While sales have been slightly behind last year’s results for most dwelling types, the condominium-class property has been the notable exception. There have been 953 condominium sales year-to-date, a 2.8 percent increase compared to a year ago.

“The condominium market now comprises nearly twenty percent of our total residential sales,” says George Patton, President of KWAR. “This continues a growing trend towards condominium style living that’s been developing the last couple of years.”

Stronger demand for condominium type properties has helped push the average price up five percent on a year-to-date basis to $205,434. The average price of a detached home has increased 3.7 percent to $341,222, and the average price of all residential properties to the end of the third quarter was $300,201, an increase of 3.9 percent.

Home sales last month were down 4.7 percent compared to September 2010. There were a total of 487 residential properties sold last month, with an average price of $289,950, compared to $281,261 in September of 2010. The average price of a detached home sold last month was $330,608, a 0.9 percent increase relative to September 2010.

Patton says that interest rates continue to be low and it’s a great time for buyers who are entering the market for the first time, or those wishing to transition into a different kind of housing – whether that is trading up, or downsizing into something more convenient.

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.

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