KITCHENER-WATERLOO, ON (August 4, 2016) –– There were a total of 588 home sales in Kitchener-Waterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July. This represents only a 0.9 per cent increase in sales compared to July of 2015, but ranks as the most active July on record since 2008.
Strong sales activity helped to bring year-to-date total sales to 4,108, a 15.2 per cent increase compared to the same time last year, and 21.7 per cent above the 5-year average.
“It’s been a strong summer to say the least for residential sales in the Region,” said Charlotte Zawada, President of the KWAR.
Active residential listings continue to remain depressed in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of July sat at 1,073, which is 37.3 per cent lower compared to same period last year. This translates to 59.4 per cent fewer available listings on the market today than the same time last year.
July’s sales included 364 single detached homes (up 0.8 per cent compared to July 2015) and 144 condominium type units (up 16.1 per cent) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 48 Semi-detached homes (up 9.1 per cent) and 26 freehold townhouses (down 49.0 per cent). The average sale price of all residential sales in July increased 13.2 per cent to $387,102 compared to July 2015.
“We’re still seeing buyers compete for a limited number of listings on the market and the skew in supply and demand is maintaining an upward pressure on home prices in the Region,” says Zawada. Single detached style homes sold for an average price of $452,799 an increase of 14.0 per cent compared to last year. The average sale price for an apartment style condominium was $240,944, an increase of 14.2 per cent. Townhomes and semis sold for an average of $285,611 (up 10.7 per cent) and $308,479 (up 16.4 per cent) 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®.
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®. With a REALTOR® at your side, you can have all the facts you need to make an informed decision.
The Kitchener-Waterloo Association of REALTORS® (KWAR) is a member focused not-for-profit Association representing over 1,200 local REALTOR® members. The Association was formed in 1937 and continues to provide a robust Multiple Listing Service® (MLS®) System, continuing education, and related services to its members. The term REALTOR® is a trademark identifying members in good standing of CREA who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® trademark is also owned by CREA and is used by the KWAR under license. The MLS® Marks identify professional services rendered by members in good standing of CREA to effect the purchase and sale of real estate as part of a co-operative selling system (the “MLS® services”), in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks. 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.All of KWAR’s listings may be found on the public website: .
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