MLS® HOME SALES REACH MONTHLY HIGH FOR SECOND CONSECUTIVE MONTH IN OCTOBER
KITCHENER-WATERLOO, ON (November 4, 2009) - A new record for residential sales was set in October as MLS® homes sales to the end of October reached 579 units. That's a 40.5 percent increase from October 2008 and the second consecutive month that sales set a monthly record.
"October was an especially busy month for local REALTORS®," according to Karen Shartun, President of the Kitchener-Waterloo Real Estate Board (KWREB). "Last month's results represent the largest month-over-month increase we've seen all year, and now overall residential unit sales have practically caught up to 2008 figures on a year-to-date basis."
Year-to-date, there have been 5,545 residential units sold, which is just 1% shy of the 5,596 units sold to-date this time last year.
Home sales last month totalled $149,717,233 (up 37.5 percent from October 08) and included 355 detached homes (up 35.5 percent from October 08), 114 condominium units (up 25.3 percent from October 08), 53 semis (up 165 percent from October 08), and 53 townhouses (up 43.2 percent from October 08).
The average price of all residential properties sold through the MLS® System of the KWREB last month sold for an average price of $258,579 a 2.1 percent decrease from October 2008.
Similarly, the average price of a single family detached home sold in October decreased 2.5 percent to $300,360.
In the condominium market the average sale price in October was $171,810 a 2.8 percent increase over October 2008.
"There continues to be strong demand for homes in Kitchener-Waterloo and area," says Shartun. "And that is being driven by low interest rates, the desire for homeownership, and general confidence in real estate as a wise investment. "
Total Residential Units Sold in October over the last 10 years
Year | K-W Only Sales | All Area Sales |
2009 | 452 | 579 |
2008 | 349 | 412 |
2007 | 406 | 526 |
2006 | 386 | 470 |
2005 | 371 | 459 |
2004 | 317 | 404 |
2003 | 342 | 424 |
2002 | 341 | 419 |
2001 | 308 | 388 |
2000 | 256 | 319 |
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.
October Residential Sale Prices in the cities of
Kitchener and Waterloo over the last 10 years
Year | Average Price | Median Price |
2009 | $255,190 | $239,175 |
2008 | $262,106 | $237,000 |
2007 | $250,236 | $235,000 |
2006 | $234,230 | $215,000 |
2005 | $221,880 | $203,375 |
2004 | $206,009 | $189,500 |
2003 | $192,429 | $175,500 |
2002 | $176,905 | $163,000 |
2001 | $157,263 | $148,000 |
2000 | $160,346 | $150,000 |
Source: Kitchener Waterloo Real Estate Board 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®. The information contained herein is the sole property of the Kitchener Waterloo Real Estate Board.
