KW HOME SALES MAINTAIN STEADY PACE

KITCHENER-WATERLOO, ON (February 5, 2013) –– Residential sales through the Multiple Listing Service (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down slightly in January compared to the same month last year.

There were a total of 337 residential properties sold last month, a 2.3 percent decrease compared to the same month last year, and a 23.9 percent increase from December 2012.

“January’s sales were in line with the 10-year average for our area,” Dietmar Sommerfeld, President of the KWAR points out.

January’s residential sales included 237 detached homes (up 6.8 percent compared to January 2012) 49 condos (down 34.7 percent), 24 semis (up 14.3 percent), and 26 freehold townhouses (up 4 percent). Residential sales between $250 and $349,999 were strong showing a 32 percent (157 vs. 119 units) increase compared to January last year.

The average sale price of all homes sold in January increased half a percent to $319,283 from the same time last year. Single detached homes sold for an average price of $354,540, a decrease of 2.6 percent compared to January 2012. In the condominium market the average sale price in January was $212,408, a 4.7 percent decrease compared to the same month a year ago.

The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold.

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.

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and cooperation amongst REALTORS® to affect the purchase and sale of real estate.

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