K-W Home Sales Finish Strong in 2014
April 21 2015 Posted by Tracy Bennett
The end of 2014 brought with it a seven-year high for home sales in the Region with 6,564 residential sales processed through the Multiple Listing Service (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of three per cent compared to 2013.
Things got off to a sluggish start early in 2014, with sales lagging behind home sales in 2013 for the first five months of the year.
However, home sales did ramp up again with a delayed spring market which took off in June of 2014. The year ended strong with 314 residential sales in December compared 283 the same time last year resulting in an 11 per cent increase.
“With ice storms and polar vortexes in early 2014 the spring market started much later than usual but once it got going, home sales ramped up making last year one of the best on record” said Mark Wolle, President of the KWAR.
A total of 6,564 residential properties were sold compared to 6,371 at the end of 2013. Total residential sales in 2014 included 4,384 single detached homes (up 3.3 per cent from 2013), 470 semi-detached (down 6.9 per cent), 444 townhomes (up 11.3 per cent) and 1,206 condominium units (up 4.7 per cent).
“Hot markets like Toronto and Vancouver got everyone talking about housing bubbles this past year, but real estate is very local,” emphasizes President Wolle. “Locally, Waterloo Region remains a strong and stable housing market and a desirable place to live and invest.”
The dollar volume of sales in 2014 increased 7.2 percent over the previous year, totaling $2,207,485,532 surpassing the “2 billion” dollar mark for only the second time in the KWAR’s history.
The average sale price of all residential sales in 2014 increased 4.0 per cent to $336,302 in comparison to 2013. Single detached homes sold for an average price of $382,798 (up 4.3 per cent), semi-detached for $256,606 (up 2.9 per cent), townhomes for $287,951 (up to 3.4 per cent) and condominiums sold for an average of $222,359 (up 2.5 per cent).