Kitchener-Waterloo Real Estate Market Update
Kitchener-Waterloo home sales take a huge leap in February!
Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 28.2 per cent compared to the same month last year with 452 homes being sold in the month of February, 18.6 per cent above the 5-year average for the month.
Residential sales (KW & Area) in February included 280 single detached homes (up 40.7 per cent from last February), 33 semi-detached (down 17.5 per cent), 31 townhomes (up 6.9 per cent) and 103 condominium units (up 25.6 per cent).
“This was the most active February we’ve seen on record since 2008, when 464 residential homes were sold,” stated Charlotte Zawada, President of the KWAR. “With interest rates holding steady and Waterloo Region remaining an attractive place to live and invest, I think we will continue to see buoyancy in our local housing market.”
Single detached homes sold for an average price of $419,480 an increase of 7.7 per cent compared to last year. The average sale price for a condominium was $242,272, an increase of 8.3 per cent while townhomes and semis sold for an average of $328,569 (up 10.0 per cent) and $291,770 (up 12.0 per cent) respectively.
The average sale price of all residential sales through the KWAR’s MLS® System increased 10.3 per cent to $361,889 compared to February 2015 with 42.0 per cent of home sales in February occurring in the $250,000-$350,000 range.
“This time last year we were experiencing some really frigid temperatures that helped contribute to a five-year low in home sales for the month. Things have been quite a bit warmer these past few weeks in comparison, and it goes to show how much of a role weather can play when it comes to buying or selling one’s home,” said Zawada.