Real Estate Market Report: Kitchener-Waterloo home sales take a huge leap in February!
March 14 2016 Posted by Heather Maitland
Kitchener-Waterloo home sales take a huge leap in February!
Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 28.2 percent compared to the same month last year with 452 homes being sold in the month of February, 18.6 percent above the 5-year average for the month.
Residential sales (KW & Area) in February included 280 single detached homes (up 40.7 percent from last February), 33 semi-detached (down 17.5 percent), 31 townhomes (up 6.9 percent) and 103 condominium units (up 25.6 percent).
“This was the most active February we’ve seen on record since 2008, when 464 residential homes were sold,” stated Charlotte Zawada, President of the KWAR. “With interest rates holding steady and Waterloo Region remaining an attractive place to live and invest, I think we will continue to see buoyancy in our local housing market.”
Single detached homes sold for an average price of $419,480 an increase of 7.7 percent compared to last year. The average sale price for a condominium was $242,272, an increase of 8.3 percent while townhomes and semis sold for an average of $328,569 (up 10.0 percent) and $291,770 (up 12.0 percent) respectively.
The average sale price of all residential sales through the KWAR’s MLS® System increased 10.3 percent to $361,889 compared to February 2015 with 42.0 percent of home sales in February occurring in the $250,000-$350,000 range.
“This time last year we were experiencing some really frigid temperatures that helped contribute to a five-year low in home sales for the month. Things have been quite a bit warmer these past few weeks in comparison, and it goes to show how much of a role weather can play when it comes to buying or selling one’s home,” said Zawada. Rates are warming up as well, lots or specials to save you money, call us today!