There were 553 home sales in Kitchener-Waterloo last month though the MLS® System of the Kitchener-Waterloo Association of REALTORS® (KWAR). This represents an 8.4% increase compared to May of 2014, and 9.6% above the 5 year average for the month May.
With a total of 2,926 home sales occurring through the KWARs MLS System®, year-to-date sales are 3.3% above the five year average. Although sales numbers in Kitchener-Waterloo are higher in comparison to May of last year, they are on par with the month of April, at 1.7% above last month’s residential sales numbers, a difference of nine home sales.
It’s been a very busy but typical spring market. Low mortgage interest rates and a diverse local economy continue to support home buying in Waterloo region.
Much like the month of April, sales activity in the $300,000 – $349,999 posted a healthy increase in the month of May with 126 homes sold in that range, a 24.8% increase from the same time last year. Sales in the $400,000 - $499,999 also increased with 81 sold in this price range, a 28.6% increase.
Sales in KW included 355 single detached homes (up 4.7 %), 113 condominium units (up 28.4%), 44 semi-detached (up 2.3%) and 40 freehold townhouses (up 8.1%).
The average sale price of all residential sales through the KWAR’s MLS® System increased 0.7% to $347,541 compared to the same time last year. Within the cities of Kitchener-Waterloo residential sale prices increased 1.6 percent to $343,750 compared to May 2014. Single detached homes sold for an average price of $390,704 an increase of 1.1% compared to last year. Condominium market prices were up 7.1%, with the average condo unit selling for $237,649.
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