October Home Sales Ease in the Waterloo Region
November 18 2015 Posted by Tracy Bennett
There were are total of 435 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October compared to 480 during the same period in 2014, a decrease of 9.4%.
Residential sales this October included 284 single detached homes (down 6.9% from last October), 20 semi-detached (down 23.1%), 37 townhomes (up 5.7%) and 92 condominium units (down 19.3%).
Single detached homes in October sold for an average price of $417,891 an increase of 8.9% compared to the same month last year. The average sale price for a condominium was $242,280 an increase of 14.3%, while the average sale price of all residential sales in KW and Area increased 9.9% to $363,438 compared to October 2014. Townhomes and semi-detached properties sold for an average of $300,724 (down 2.5%) and $265,000 (up 2.2%) respectively.
“The Kitchener-Waterloo housing market continues to show long-term strength and stability,” says Mark Wolle, President of the KWAR. “The shifts in average prices and month to month fluctuations are normal, along with sales easing gradually as we approach the end of the year.”
Wolle reminds consumers to use caution when looking at averages. The increase in detached and overall residential prices are due in part to six home sales in October 2015 over $900,000 compared to zero sales in that range in October 2014. 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.
According to the president of the KWAR, Waterloo region’s housing market is supported by a diverse local economy and low mortgage interest rates. “Interest rates for mortgages remain low and should continue to support homes sales through the remainder of 2015 and into 2016,” commented Mark Wolle. Contact Tracy Bennett from Mortgage Architects to lock in your mortgage financing.