KITCHENER‐WATERLOO HOMES SALES DOWN IN JANUARY – AVERAGE SALE PRICE REACHES NEW HIGH
KITCHENER‐WATERLOO, ON (February 3, 2012) –– Sales of residential properties by REALTORS® through the Multiple Listing System (MLS®) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) were down 7.8 percent compared to last year, but in line with the 10 year average for January.
There were a total of 342 residential properties sold last month, which included 220 detached homes (down 10.6%), 74 condominium units (up 15.6%), 21 semis (down 32.3%), and 25 freehold townhouses (down 7.4%) from last year.
While sales were down, the average price of all residential properties sold through the MLS® System of the KWAR soared in January, with an increase of 12.9 percent to $315,932. Detached homes sold for an average price of $361,470 in January, a 14.5 percent increase relative to one year ago. The average sale price for a condominium unit was $222,873 last month, a 17.9 percent increase compared to last year.
“We were seeing more activity among move‐up buyers in January,” says Sara HIll, President of the KWAR. She points out that whereas in January of last year we had 70 percent of sales happening under the $300,000 mark, this past month the share of sales happening under $300,000 was 56 percent. More sales in the higher price ranges exerted upward pressure on the average sale price.
“It is only a matter of time before we will see a return of the first‐time buyers,” said Hill. Unfortunately this segment of the market is most influenced by the doom and gloom that is out there right now, and even though lending rates have never been lower, first‐time buyers are still a little cautious,” she added.
The dollar volume of all residential real estate sold last month was $108,048,599, a 7.9 percent increase compared to December 2011, and a 4 percent increase relative to the same period last year.
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 REALTOR®.
Feb. 1, 2011: Here are the stats from the Kitchener-Waterloo Association of Realtors for January, 2012:
- the average price of a single detached in K-W sold for $355,114, up. 9.5% over 2011 prices; there were 149 single detached homes sold in January 2012
- the average semi-detached sold for $234,521, up 0.1%; 14 semis sold in January 2012
- the average freehold townhouse sold for $263,756, up 5.9%; 19 freehold townhouses sold in January 2012
- the average condo sold for $212,596, up 11%; there were 51 condos which sold in January 2012
It is taking an average of 61 days to sell a residential property.
K‐W HOME SALES EASE EVER SO SLIGHTLY IN 2011
AVERAGE SALE PRICE INCREASES 4 PERCENT
MLS® home sales in December on par with last year
KITCHENER‐WATERLOO, ON (January 5, 2011) –– The 329 residential sales through the Multiple Listing Service (MLS®) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) in December mirrored sales from the previous year. December’s results bring the total number of residential homes sold by REALTORS® through the KWAR MLS® System in 2011 to 6,252, a 2.1 percent decrease compared to 2010.
The total dollar volume of all residential properties sold last year increased 1.8 percent to $1,881,532,761, reflecting the steady price gains, and ongoing demand for homes in the higher price ranges.
The average price of all residential properties sold in 2011 increased 4 percent to $300,949. Single detached homes sold for an average price of $342,659 in 2011, a 3.9 percent increase relative to 2010. In the condominium market the average sale price in 2011 was $205,354, a 3.5 percent increase over the previous year.
“2011 was a great year for home buying and selling,” says Sara Hill, president of the KWAR. “Waterloo region continues to be a desirable place to live with a strong local economy. Low interest rates certainly continued to support buyers while sellers benefited from steady gains in home prices.”
Home sales in 2011 included 4,118 detached homes (down 0.3 percent from 2010), 1,200 condos (down 1.7 percent from 2010), 497 semis (down 1.4 percent from 2010), and 372 townhouses (down 21.5 percent from 2010).
Looking back at 2011, the president of the KWAR observed that the beginning of the year started with slower sales activity and that by June, sales started to gain momentum.
“Moderate demand in early 2011 was likely the result of the many buyers who purchased in the latter part of 2009 and early 2010 to avoid anticipated higher mortgage rates, and the HST,” says Hill. “Then, when adjustments to the rules for government‐backed insured mortgages were implemented in March of 2011, this may have further impacted the ability for some to enter the housing market, particularly first‐time buyers.” First‐time buyers are an important segment of the KW real estate market, according to the president of the KWAR, “because the population of KW is younger than the provincial average.”
Information provided courtesy of the KIitchener - Waterloo Association of Realtors.
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