Home Sales Dip Slightly in Kitchener - Waterloo, but Home Values Continue to Increase

There were a total of 495 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August, a decrease of 4.4 percent compared to the 518 homes sold in the same month last year.

On a year-to-date basis, residential home sales remain on par with last year – with a total of 4,492 sales recorded.

August’s residential sales included 322 detached homes (down 7.7 percent), 35 semi-detached (up 6.1 percent), 37 townhouses (up 32.1 percent), and 97 condominium units (down 4 percent).

The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 7.3 percent in August to $314,623, up from $293,303 one year ago. Condominium units increased 9 percent to $231,654, up from $212,513 a year ago. Single detached homes sold for an average price of $354,064, a 7.6 percent increase compared to a year ago.

Very strong price gains were helped along by the fact that 3 residential properties sold for over 1 million dollars in August, compared to no sales in that price range last August.

Also putting pressure on August’s average residential sale price was the increase in the number of homes that sold for more than $400,000. 96 homes were reported sold that came in over $400,000, representing an increase of 37 percent compared to the 70 homes that sold above that mark in August 2011.

Contact me today to discuss the current market conditions in your neighbourhood.