KITCHENER-WATERLOO, ON (September 2, 2015) –– With a total of 459 residential property sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS®, the month of August posted a 2.1% decrease in home sales compared to the same month last year across Kitchener-Waterloo and area.
However, home sales in the month of August were 9.5% percent above the 5-year average for the month. This strong sales activity helped bring year-to-date total sales to 3,991, a 6.1% increase compared to the same time last year, and 6% above the 5-year average. Year-to-date sales were also the highest on record since 2008.
“We saw strong residential sale activity this summer season and with recording setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo and area,” said Mark Wolle, President of KWAR. “Overall, the Kitchener-Waterloo real estate sector continues to show long-term strength and stability.”
Residential sales in August included 284 single detached homes (down 2.1% from last year), 35 semi-detached (up 2.9%), 29 townhomes (down 17.1%) and 107 condominium units (down 0.9%).
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.6% percent last month to $347,057 compared to August 2014. Single detached homes sold for an average price of $401,533 an increase of 6.2% percent compared to last year. The average sale price for a condominium was $241,508, an increase of 7.7% percent and the average sale price for a freehold townhome was $300,546, an increase of 2.9% percent from the same time last year.
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®.