KITCHENER-WATERLOO, ON (May 5, 2015) –– Residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were strong in April with 539 properties sold in Kitchener-Waterloo. This represents an 11.4% increase compared to April of 2014, and 7.8% above the 5 year average for April.
With a total of 1,507 home sales year-to-date in Kitchener-Waterloo, 7.3% above last year’s total for the same period but 4.1% below the 5 year average, the real estate landscape in K-W looks more tempered. Residential sales across all areas transacted through the KWAR’s MLS® System totalled 2,124 year-to-date, an 8.4% increase from the same time last year and once again 0.7% below the 5 year average.
“The spring market is definitely in full swing here in Waterloo Region,” says Mark Wolle, President of KWAR. “We’re seeing sales activity that is fairly steady and consistent comparing to 5-year trends which speaks to the stability of the market here in Kitchener-Waterloo.”
Once again sales activity in KW in the $300,000 – $399,999 posted a healthy increase in the month of April with 200 homes sold in that range, a 39.9% increase from the same time last year. Sales in KW included 357 single detached homes (up 14.4 %), 106 condominium units (down 0.9 %), 28 semi-detached (up 3.7%) and 47 freehold townhouses (up 30.6%).
The average sale price of residential sales across the KW area only increased 4.1 percent to $346,702 compared with April 2014. Single detached homes sold for an average price of $392,951 an increase of 3.0% compared to last year. Condominium market prices were up 0.7%, with the average condo unit selling for $231,430.
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®.