K-W HOME SALES EASE WHILE AVERAGE PRICES INCREASE
KITCHENER-WATERLOO, ON (OCT. 3, 2012) – There were a total of 442 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September compared to 504 during the same period in 2011, a decrease of 12.3 percent. Year-to-date 4,939 homes were sold compared to 4,991 during the same period in 2011.
Although the number of homes sold decreased compared to last year the average sale price for single family detached properties increased 4.7 percent to $347,666, condominiums 8.3 percent to $223,941, townhomes 4 percent to $262,174 and semis 1.7 percent to $238,834.
“While sales have slowed the last couple of months it has not been the dramatic shift we’ve seen in other regions,” commented Sara Hill, President of the KWAR, “and when considered alongside the increase in average prices I think it reinforces the stability that our region has to offer to homeowners.”
The average price of all residential properties sold year-to-date was $311,677 representing a 3.8 percent increase. More specifically, the average price of a detached home to the end of the third quarter was $354,815, an increase of 4 percent compared to $341,327 to the end of September 2011.
“From my perspective, there may not be as many sales but we certainly have not lost any ground in values as there continues to be a strong stable increase across the Region,” stated Hill.
Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after you best interests.