Temperatures Have Cooled but Home Sales Still Hot - home sales and home values up in K-W

Residential property sales through the Multiple Listing System of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July were up 15.9 percent compared to July of last year.

A total of 620 residential properties were sold compared to 535 the same time last year. Home sales in the month of July were also 8.1 per cent above the 5-year average for the month.

"We're seeing strong residential activity this buying season and buyers remain confident that homes in this region are a solid investment," says Dietmar Sommerfeld, President of KWAR. "This July set a record for dollar volume of sales compared to the last 10 years."

Residential sales in July included 410 single detached homes (up 18.8% from last year), 35 semi-detached (down 16.7%), 39 townhomes (up 21.9%) and 124 condominium units (up 14.8%). Year-to-date residential sales were up 3.6% from the same time last year and up 3.3% when compared to the 5-year average with a total of 4,138 units to date.

The average sale price of all residential sales through the KWAR's MLS® System increased 4.9 per cent to $318,991 compared to July 2012. Single detached homes sold for an average price of $360,612 an increase of 3.8 per cent compared to last year. The average sale price for a condominium was $214,440, an increase of 0.9 percent compared to July 2012. 

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