Strong October

News Release 540 Riverbend Drive, Kitchener, Ontario, N2K 3S2 Telephone: 519-576-1400 Facsimile: 519-741-5364 Website: Twitter: @KW_REALTORS
KITCHENER-WATERLOO, ON (November 5, 2014) –– Home sales surged in the month of October with a total of 563 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) compared to 481 during the same period in 2013, an increase of 17 percent.
Year-to-date 5,800 homes were sold, which is the second highest number of units sold in the last 10 years and represents a 2.9 percent increase compared to the same time last year and 4.8 percent above the 5-year average for sales year-to-date.
Single detached homes in October sold for an average price of $377,895 an increase of 7.1 percent compared to last year. The average sale price for a condominium was $212,877 a decrease of 0.6 percent compared to October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased 5.4 percent to $330,121 compared to October 2013.
The large increase in average price was due partly to the 57 homes sold in the $500,000 - $999,999 price category compared to 25 in 2013.
“We’re continuing to see strong sales in the Region, with the second highest number of units sold in October on record,” said Lynn Bebenek, President of KWAR. “This fall sales rush reinforces the fact that the traditional spring market was pushed into the late summer months and Waterloo region continues to be a desirable place to invest in homeownership.”
Residential sales in October included 375 single detached homes (up 19.4% from last October), 29 semi-detached (down 34.1%), 35 townhomes (on par) and 117 condominium units (up 37.6%). Dollar volumes for October and year-to-date sales were both at all-time highs with increases of 23.4 percent and 7.1 percent respectively.
The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.
Media Contact: Harminder Phull, Communications & Government Relations Assistant, 519-576-1400 ext. 230
Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co- operation amongst REALTORS® to affect the purchase and sale of real estate.
Residential Sale Price and Total Units Sold in October over the last 10 years:
Units Sold K-W Only Sales All Area Sales K-W Only Sales All Area Sales Average Price Median Price Average Price Median Price 2005 371 459 $221,880 $203,375 $231,358 $210,000 2006 382 465 $236,525 $215,000 $244,569 $219,000 2007 405 524 $250,825 $235,000 $255,414 $235,000 2008 348 410 $263,387 $237,950 $265,961 $240,938 2009 443 572 $261,685 $244,000 $264,788 $240,000 2010 344 448 $288,136 $263,750 $302,404 $269,200 2011 352 478 $282,491 $265,000 $307,162 $269,950 2012 376 501 $295,241 $278,000 $302,773 $278,900 2013 338 481 $306,967 $285,000 $313,171 $288,000 2014 412 563 $317,779 $297,450 $330,121 $305,500

Source: Kitchener-Waterloo Association of REALTORS®
Definitions: K-W Only= MLS® transactions through the KWAR within the cities of Kitchener and Waterloo. All Area= K-W Only plus the townships of Woolwich, Wellesley, Wilmot and any out-of-jurisdiction sales sold through KWAR. The use of average price information can be useful in establishing long term trends, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. Those requiring specific information on property values should contact a REALTOR®.
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Kevin Ikeda Chen

Kevin Ikeda Chen

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