Kitchener-Waterloo Real Estate Market Report
January 18 2016 Posted by Tracy Bennett
Kitchener-Waterloo home sales finish the year off strong!
In 2015 the Region saw 5,563 residential sales processed through the Multiple Listing Service (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 4.9% percent compared to sales in 2014 which ended with 5,302 residential sales.
Unlike 2014, which remained slow almost half the year, 2015 only lagged behind in home sales for the first two months of the year when we were experiencing colder than normal temperatures. Residential sales wrapped up the year with 293 home sales in December compared to 262 in 2014. This equates to an 11.8% increase in the number of sales for the month in Kitchener-Waterloo and area.
December’s sales included 168 detached homes (down 4.5%), 80 condominiums (up 53.8%), 20 townhomes (up 33.3%) and 23 semi-detached (up 21.0%) with the average price of all homes sold this month coming in at $367,121 (up 8.2%).
“It’s been a fantastic year for home sales in the region,” said Charlotte Zawada, President of the KWAR. “This speaks volumes about the depth of the economy here, the diversity of opportunities and the innovation taking place in Waterloo Region that keeps drawing people to our community.”
Total residential sales in 2015 included 3,576 single detached homes (up 4.9% from 2014), 409 semi-detached (up 4.6%), 398 townhomes (up 2.3%) and 1,180 condominium units (up 5.9%).
“Markets like Toronto and Vancouver still had people talking about housing bubbles and market corrections, but real estate is very local,” emphasizes Zawada. “Locally, Waterloo Region remains a strong and stable housing market. The excitement surrounding the area from the ION, the burgeoning tech sector, our unique rural and urban blend position Waterloo Region as a highly desirable place to live and invest.”
The average sale price of all residential sales in 2015 increased 3.9 percent to $348,888 in comparison to 2014. Single detached homes sold for an average price of $400,456 (up 3.5%), semi-detached for $268,400 (up 3.4%), townhomes for $301,005 (up to 4.1%) and condominiums sold for an average of $237,735 (up 7.3%).