K-W HOME SALES SHOW STRONG MOMENTUM DURING FIRST HALF OF 2009
KITCHENER-WATERLOO, ON (July 6, 2009) - A total of 722 homes sold in Kitchener-Waterloo and area in June, a 1.3 percent increase over June 2008, and the second best month on record for residential property sales through the MLS® System of the Kitchener-Waterloo Real Estate Board (KWREB). In fact, overall June sales activity was up in all categories except multi-family and land sales.
"I think what we are seeing in Waterloo Region, is the resale housing market returning to its prerecessionary pace," says Karen Shartun, President of the KWREB. "June was also the third month in a row that sales exceed 600 units, so we have some strong momentum happening in the market."
REALTORS® of the KWREB have traded 3,174 homes year-to-date for a total value of $820,966,284, including 2,109 detached homes and 541 condominium units. This represents a 9.9 percent decrease in the total number of units sold so far this year compared to last year, a 15 percent decrease compared to 2007 (a record breaking year), and a 3 percent decrease from the 3,275 units sold in the first half of 2006.
The most active price range during the first six months of the year was for homes selling between $225,000 to $250,000 with a total of 508 sales. For homes selling in the upper most tiers, things have been quite a bit slower--in the last 6 months only 13 homes have sold for over $750,000, compared to 28 during the same period last year.
The demand for more affordably priced homes has translated into a 2.5 percent decrease in the average price of all homes sold year-to-date to $258,654.
The supply of homes active on the KWREB's MLS® System to the end of June edged up 3.3 percentage points to 2,089 units.
The President of the KWREB says she expects that sales for the remainder of the year will continue to improve, as prospective home buyers continue to take advantage of low interest rates, and the economic horizon starts to look brighter.
Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.
The use of average price information can be useful in establishing long term trends; however the Kitchener-Waterloo Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®. Total Residential Units Sold in June over the last 10 years
Year | K-W Only Sales | All Area Sales |
2009 | 557 | 722 |
2008 | 568 | 713 |
2007 | 618 | 761 |
2006 | 460 | 585 |
2005 | 578 | 684 |
2004 | 521 | 624 |
2003 | 477 | 591 |
2002 | 390 | 455 |
2001 | 417 | 489 |
2000 | 397 | 489 |
1999 | 432 | 533 |
Definitions:
K-W Only= MLS® transactions through the KWREB within the cities of Kitchener and Waterloo.
All Area= K-W Only plus the townships of Woolwich, Wellesley, Wilmot and any out-of-jurisdiction sales sold through KWREB.
June Residential Sale Prices in the cities of Kitchener and Waterloo
over the last 10 years
Year | Average Price | Median Price |
2009 | $258,606 | $247,500 |
2008 | $266,503 | $242,250 |
2007 | $245,766 | $229,950 |
2006 | $244,629 | $212,000 |
2005 | $217,802 | $197,750 |
2004 | $208,758 | $188,000 |
2003 | $189,699 | $172,000 |
2002 | $171,976 | $161,250 |
2001 | $164,677 | $154,000 |
2000 | $151,991 | $142,000 |
1999 | $146,099 | $136,950 |
