KITCHENER, ON (September 3, 2008) - The value of residential real estate held its own in August, even as the dog days of summer have resulted in mixed sales result across some price ranges, according to the Kitchener-Waterloo Real Estate Board.

The average sale price of all residential properties sold in Kitchener-Waterloo and area in August jumped almost eight percent to $260,684, up from $241,540 one year ago. Similarly, the median sale price increase in August approached the seven percent mark to $242,000.

During the same period, there were a total of 466 home sales recorded compared with 595 the same month one year ago, a decline of almost 22 percent.

While sales results were mixed depending on the particular price range, demand for higher priced homes remained buoyant in August, with sales of properties in the $400,000-plus jumping 26 percent. Home selling in the $250,000 - $275,000 range were on par with August 2007 results with 64 sales.

Properties in lower price ranges experienced a more general decline in sales. For example, the number of homes selling for between $200,000 - $225,000 were down almost 50 percent.

While overall sales softened last month, the market continued its approach to a balanced state with a 6.5 percent increase in new listings in August. The total number of active listings increased six percent to 1,921 properties.

"The end of summer has traditionally been a slower time for real estate sales," says Karen Shartun, President, Kitchener-Waterloo Real Estate Board. "Consumers' focus and attention typically switches to fall start-up activities such as school and other responsibilities. Home buying tends to take second place to other important family matters."

"What is also typically true, "Shartun says, "is that the market tends to rebound quickly after a brief hiatus as home buying regains priority in peoples' lives."

"While the number of home sales in 2008 have not followed the consistent, upwards trajectory that we've experienced in recent record setting years, the overall value continues to grow across the board" says Shartun. "Our local economy continues to outperform much of the rest of the country and I anticipate that this will also be true for residential property sales as we head into the fall."