HOME SALES SURPASS BILLION DOLLAR MARK IN FIRST HALF OF 2010 

KITCHENER-WATERLOO, ON (July 6, 2010) – During the first half of the year, the number of residential properties sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) increased 16 percent.

While the 3,633 homes sold during the first six months of the year are 96 units shy of 2007’s record breaking first half, the total value of those sales broke the one billion dollar mark for the first time to the end of June.

"The residential real estate market is alive and kicking in Waterloo Region," says Ted Scharf, President of the KWREB. "Consumers continue to have a strong sense of confidence in the value of home ownership in the region, and I expect the market will remain steady and healthy for the remainder of the year."

The increase in home sales occurred predominantly in the top half of the price range spectrum: There were 2,093 sales of residential properties for more than $250,000 to the end of June, compared to 1,446 for the same period in 2009, an increase of almost 45 percent.

In the upper end of the market, this trend was even more prominent, with an 84% increase in homes selling for more than half a million dollars relative to one year ago for a total of 205 sales.

The average sales price of all homes sold between January and June 2010 jumped 10.7 percent to $291,702, and the average price of detached homes was $331,359, an increase of 11.7 percent on a year-to date basis.

Residential property sales in June were down 12.1 percent compared to the same month last year, but were practically on par with May sales. Last month, there were a total of 634 homes sales in Kitchener-Waterloo and area, compared with 721 in June 2009.

"Considering the especially early spring market that started in March this year, June was surprisingly strong," says Scharf. "This further illustrates the strength of our local market and is a reflection of our region’s strong economy."

REALTORS® believe that healthy communities depend on a strong economy, safe neighbourhoods, a clean environment, access to housing and the protection of rights of property owners. The KWREB recognizes the need to support and enhance the Quality of Life enjoyed by residents of Waterloo region.