Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) had yet another record month with 740 properties sold in Kitchener-Waterloo and area in the month of June. This represents a 13.1 per cent increase compared to the June of 2015, and ranks as the most active June on record.
During the first half of 2016, there were 3,519 home sales, 18.0 per cent above last year’s total for the same period and 22.8 per cent above the 5-year year-to-date average.
“This is the highest number of home sales we have ever recorded in the first half of the year” said Charlotte Zawada, President of the KWAR.
On a monthly basis, home sales were 29.7 per cent above the five-year average for the month of June. As sales continue their upward trend, 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 June sat at 1,199, which is 33.9 per cent lower compared to same period last year. This translates to 51.4 per cent fewer available listings on the market today than the same time last year.
June’s sales included 485 single detached homes (up 13.6 per cent) and 145 condominium type units (up 2.1 per cent) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 46 Semi-detached homes (up 9.5 per cent) and 54 freehold townhouses (up 42.1 per cent).
The average sale price of all residential sales in June increased 11.2 per cent to $390,144 compared to June 2015.
“With fewer listings on the market combined with an increased interest in people wanting to live in the Region, we’re seeing upward pressure on home prices,” says Zawada. Single detached style homes sold for an average price of $451,289 an increase of 10.7 per cent compared to last year. The average sale price for an apartment style condominium was $232,999, an increase of eight per cent. Townhomes and semis sold for an average of $277,672 (up 14.5 per cent) and $296,572 (up 10.6 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®. 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: www.REALTOR.ca.
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