Kitchener Waterloo Market Update -April Showers bring a slow down in activity for April
The month of April showed a slow down in activity vs. the previous year. Keep in mind the weather has been terrible and we are still competing with the brisk PRE-H.S.T. market of 2010. See below for the report from the Kitchener-Waterloo Real estate board. If you have any questions please feel free to contact me at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
KITCHENER-WATERLOO, ON (May 4, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were slower than usual for April.
There were a total of 614 residential properties sold last month, a 14.4 percent decrease compared to April of last year, and 47 sales shy of the previous five year’s average.
“Given the record breaking wet weather that dominated this past April, it is probable that this had the effect of slowing the start of the spring selling season,” says George Patton, President of KWAR. “Add to this the distraction of the royal wedding and people’s attention being given to the federal election and you have ample reasons for buyers lowering their home searching priority.”
April’s sales included 416 detached homes, 120 condominium units, 45 semis and 30 townhouses.
“Once again we are noting a shift in where the activity is taking place on the price scale,” says Patton. “Last April 35% of the homes sold for more than $300,000, this past April the number of homes selling above that price point made up 43% of the total homes sold.
The average sales price of all residential sales increased 5.6 percent to $310,704 compared with April 2010. While single detached homes sold for an average price of $350,442, an increase of 4.9 percent compared to last year. In the condominium market the average sale price in April increased 11.3 percent to $214,113 compared to the same month a year ago.
February Update on the Kitchener Waterloo Real Estate Market
SOLID HOME SALES ACTIVITY IN FEBRUARY KITCHENER-WATERLOO, ON (March 3, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continued their steady pace in February.
There were a total of 491 residential properties sold last month, a 32.7 percent increased compared to January’s results, and a 6.7 percent decrease compared to February of last year.
“These are above average numbers for February”, says KWAR President George Patton. “Keeping in mind that this time last year we had an unusually active February, setting a record for home sales in that month.”
Residential home sales last month included 308 detached homes (down 11.3 percent from 2010), 104 condominium units (up 19.5 percent from 2010), 46 semis (down 4.2 percent from 2010), and 31 freehold townhouses (down 26.2 percent from 2010).
While the most popular price range selling in February of last year was in the $300,000 to $350,000 category with 76 sales, there were almost the same number of homes (72 units) selling in the $250,000 to $275,000 price range last month.
“Vigorous activity for condos and homes in the mid price ranges was reflected in the slight decrease in the average overall residential sale price,” says Patton.
The average sales price of all residential sales decreased 0.8 percent to $288,404 compared with February 2010. While single detached homes sold for an average price of $331,027, an increase of 1.1 percent compared to last year. In the condominium market the average sale price in February decreased 2.4 percent to $196,213 compared to the same month a year ago.
KW Condos and Lofts.com 