K-W HOME SALES UP 26% IN AUGUST AS CONDO MARKET HEATS UP
KITCHENER-WATERLOO, ON (September 3, 2009) -Driven by the sale of condos, residential properties in Kitchener-Waterloo and area increased 26 percent last month over August 2008.
In August there were a total of 594 homes sold through the MLS® System of the Kitchener-Waterloo Real Estate Board (KWREB) for a total value of $149,715,087 (up 20 percent from August 08) including
364 detached homes (up 16 percent from August 08), and 132 condominium units (up 67 percent from August 08). "Demand for higher priced homes was softer in August compared to last month and compared to the same month last year," says Karen Shartun, KWREB President. This combined with the increased demand for more affordable housing types has put downward pressure on Augusts' average residential price which decreased 4.5 percent to $253,325. Meanwhile, on a year-to-date basis the average residential price only decreased 1.7% to $260,985.
Detached homes sold for an average price of $290,470 in August, a 3.9 percent decrease relative to last year. On an annualized basis the average price of detached homes is down 2.6% to $295,970.
In the condominium market, the increased demand pushed the average price of condominiums up 12.9% to $182,942 over August 2008 results.
"August was another great month for local home sales," says Shartun. "Consumer confidence continues to improve, and buyers are taking advantage of low interest rates, and improved affordability."
Shartun explains that incentives such as the increase in the maximum withdrawal allowed under the Home Buyers' Plan to $25,000, and the First Time Buyer Tax Credit, are drawing more first time home buyers to the housing market. 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.
Total Residential Units Sold in August over the last 10 years
Year | K-W Only Sales | All Area Sales |
2009 | 482 | 594 |
2008 | 401 | 471 |
2007 | 482 | 595 |
2006 | 438 | 530 |
2005 | 460 | 567 |
2004 | 381 | 481 |
2003 | 365 | 441 |
2002 | 367 | 433 |
2001 | 365 | 432 |
2000 | 328 | 397 |
1999 | 358 | 430 |
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.
August Residential Sale Prices in the cities of Kitchener and Waterloo
over the last 10 years
Year | Average Price | Median Price |
2009 | $249,328 | $237,200 |
2008 | $260,070 | $242,000 |
2007 | $241,540 | $226,850 |
2006 | $236,584 | $218,000 |
2005 | $217,867 | $199,900 |
2004 | $205,853 | $191,000 |
2003 | $117,217 | $169,900 |
2002 | $170,680 | $160,000 |
2001 | $158,897 | $148,000 |
2000 | $152,344 | $141,050 |
1999 | $140,095 | $134,000 |
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.
