K-W Home Sales Steady in February
April 21 2015 Posted by Tracy Bennett
Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 4.0 percent in February compared to the same month last year and up 34 percent compared to January’s results which were hampered by extreme cold and snow.
A total of 431 residential properties were sold compared to 449 the same time last year. Residential sales in February included 274 single detached homes (down 8.7 per cent from last February), 33 semi-detached (down 13.2 per cent), 28 townhomes (down 3.4 per cent) and 93 condominium units (up 16.3 per cent).
“February sales showed a healthy increase compared to January,” stated Lynn Bebenek, President of the KWAR. “Low interest rates and a diverse and vibrant regional economy will continue to support a stable market for the Kitchener-Waterloo area.”
Single detached homes sold for an average price of $387,288 an increase of 5.1 percent compared to last year. The average sale price for a condominium was $233,657 an increase of 6.8 percent while townhomes and semis sold for an average of $281,636 (down 0.7 per cent) and $246,171 (down three per cent) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 3.0 percent to $335,217 compared to February 2013.
“Following up on what has been one of the coldest winters on record I expect we will see home buyers and sellers out in full force come the spring time,” said Bebenek. Remember the May 1st changes to CMHC. For details on how this affects your purchase you can contact Bennett Capital at email@example.com