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With a total of 459 residential property sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS®, the month of August posted a 2.1% decrease in home sales compared to the same month last year across Kitchener-Waterloo and area.
However, home sales in the month of August were 9.5% percent above the 5-year average for the month. This strong sales activity helped bring year-to-date total sales to 3,991, a 6.1% increase compared to the same time last year, and 6% above the 5-year average. Year-to-date sales were also the highest on record since 2008.
There was strong residential sale activity this summer season and with recording setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo and area. Overall, the Kitchener-Waterloo real estate sector continues to show long-term strength and stability.
Residential sales in August included 284 single detached homes (down 2.1% from last year), 35 semi-detached (up 2.9%), 29 townhomes (down 17.1%) and 107 condominium units (down 0.9%).
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.6% percent last month to $347,057 compared to August 2014. Single detached homes sold for an average price of $401,533 an increase of 6.2% percent compared to last year. The average sale price for a condominium was $241,508, an increase of 7.7% percent and the average sale price for a freehold townhome was $300,546, an increase of 2.9% percent from the same time last year.