KITCHENER-WATERLOO, ON (March 5, 2012) –– There were 487 homes sold last month through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a 2.2 percent decrease compared to last year, but still a better than average February.
February’s residential sales totaled $149,990,413, a 4.5 percent increase over last year, and included 321 detached homes (an increase of 3.5%), 92 condominium units (down 13.2%), 34 semis (down 26.1%) and 38 townhouses (up 18.8%).
The average sale price of all residential sales increased 6.8 percent to $307,989 compared with February 2011. Single detached homes sold for an average price of $351,122, an increase of 6 percent compared to last year. In the condominium market prices did not change much from last year, with February’s results showing an average price of $200,043, a 0.8 percent increase over last year.
“Low interest rates and a diversified local economy continue to support a stable real estate market for the Kitchener-Waterloo area,” said Sara Hill, KWAR’s President.
With the spring market fast approaching, the president of the KWAR has some advice for would-be real estate consumers, “This is the time of year when buyers and sellers start entering the market in droves. As the competition starts to heat up for everyone, your best ally in the sale or purchase of real estate is an expert REALTOR®.” Furthermore, Hill says “Do your research, and find a REALTOR® who is going to help you through the process and provide you with invaluable advice.”
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 REALTOR®.