Waterloo Region house sales gained momentum in October
WATERLOO REGION — House sales in Waterloo Region picked up steam in October, with the real estate boards in Kitchener and Waterloo, and Cambridge both reporting marked increases in the number sales compared to a year earlier.
Prices, meanwhile, remained stable, with slight year-over-year.
In Kitchener and Waterloo, the 470 residential sales in October represented a 4.9 per cent increase over the 448 sales in the same month last year.
The average price for all residential properties that sold in the Kitchener and Waterloo area was $304,379, up 0.7 per cent from a year earlier. Single-detached homes sold for an average of $332,358, up 0.9 per cent from the same month last year.
In Cambridge, 217 residential units were sold in October, up 8.5 per cent from the 200 homes that sold in the same month last year. The average price of all residential properties was $284,515, a 2.2 per cent increase compared to last October.
On a year-over-year basis, 5,574 residential units have sold in the Kitchener and Waterloo area in the first 10 months of the year, down two per cent. In Cambridge, 2,488 homes have changed hands so far this year, up 6.6 per cent from last year.
In the region as a whole, 8,062 residential units were sold in the first 10 months of the year. That represents an increase of about 1.9 per cent compared to the same period in 2010.
The strong sales in October point to a stable housing market in the area, said George Patton, president of the Kitchener-Waterloo Association of Realtors.
“Although all marketplaces are subject to month to month fluctuations, it is obvious that we have a strong, stable market in our region,” he said in a news release. “People have confidence in investing in the housing market in this area.”
Val Brooks, president of the Real Estate Board of Cambridge, said the sustained strength of the market “reflects the consumer confidence in the region.”
Recently I went to a seminar on the new bylaw that is coming for the city of Waterloo covering the licensing of Landlords renting out their units/buildings. The Bylaw comes into effect on April 1, 2012 and is something to pay attention to if you currently rent out a unit or building in Waterloo or are thinking of buying a property. Have a look at the video to hear my thoughts.
Yesterday I spoke with a friend of mine at 375 King street N, Waterloo and he was telling me about the board of his building trying to change the policies and making it student free. They still have to get 80% of the unit owners to agree but have a look at the video and hear some thoughts on why its important to read the condo documents before you buy.
KITCHENER-WATERLOO (OCT 5th, 2011) – Residential sales to the end of the 3rd quarter of 2011 are behind last year by 2.9%. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLS*) of the Kitchener – Waterloo Association of Realtors, compared with 5,126 during the same period last year.
Overall residential sales brought the dollar volume of $1,493,498,796, an increase of 0.8 % compared to a year ago. While sales have been slightly behind last year’s results for most dwelling types, the condo market has been the notable exception.
There have been 953 condo sales year-to-date, a 2.8 % increase compared to a year ago. Stronger demand for condo’s has helped push up the average price up to 5% on a year to date basis. The average price of a detached home has increased 3.7% to $341,222. Home sales were down last month by 4.7% over last year at this time.
Interest rates continue to be low and its a great time for buyers who are entering the market for the first time, or those wishing to transition into a different kind of home, whether its trading up or downsizing.
If you are in the process of buying your first home or moving up to a larger one… make sure you read the mortgage documents before signing. See the video to hear my thoughts…..
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 