RESIDENTIAL SALES OFF TO A GOOD START IN 2016
KITCHENER-WATERLOO, ON (February 5, 2016) –– Homes sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in January were up 29.8% compared to January of last year.
A total of 309 residential properties were sold compared to 238 the same time last year in Kitchener-Waterloo and area. Residential sales in January included 205 single detached homes (up 33.1% from last January), 14 semi-detached (down 17.6%), 21 townhomes (up 31.3%) and 67 condominium units (up 31.0%).
“We came off a strong 2015, and the pace of home sales hasn’t slowed down in January,” stated Charlotte Zawada, President of the KWAR. “The last few winters we experienced sluggish sales, but we’ve been fortunate and haven’t had as much snow or ice to keep people from getting out there and looking for a new home.”
Single detached homes sold for an average price of $409,101 an increase of 10.5% compared to last year. The average sale price for a condominium was $214,464 a decrease of 7.6%, while townhomes and semis sold for an average of $311,509 (up 12.4%) and $283,966 (up 10.0%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 8.2% to $353,514 compared to January 2015.
“Buyers and sellers will be all the more eager once spring hits, and we are expecting a strong spring market,” said Zawada. “With interest rates holding steady we should continue to draw people looking to live and invest in Waterloo Region.”
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®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.
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