KITCHENER-WATERLOO, ON (January 8, 2016) –– In 2015 the Region saw 5,563 residential sales processed through the Multiple Listing Service (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 4.9% percent compared to sales in 2014 which ended with 5,302 residential sales.
Unlike 2014, which remained slow almost half the year, 2015 only lagged behind in home sales for the first two months of the year. With relatively normal winter weather and no ice storm or polar vortexes, the spring market did not experience the same delay seen in 2014. Residential sales wrapped this year with 293 home sales in December compared 262 the same time last year in Kitchener-Waterloo and area. This equates to an 11.8% increase in the number of sales for the month. This month there were 168 detached homes (down 4.5%), 80 condominiums (up 53.8%), 20 townhomes (up 33.3%) and 23 semi-detached (up 21.0%) sold, with the average price of all homes sold this month coming in at $367,121 (up 8.2%).
“It’s been a fantastic year for home sales in the Region, and this speaks volumes about the depth of the economy here, the diversity of opportunities and the innovation taking place in Waterloo Region that keeps drawing people to this area,” said Charlotte Zawada, President of the KWAR.
Total residential sales in 2015 included 3,576 single detached homes (up 4.9% from 2014), 409 semi-detached (up 4.6%), 398 townhomes (up 2.3%) and 1,180 condominium units (up 5.9%).
“Markets like Toronto and Vancouver still had people talking about housing bubbles and market corrections, but real estate is very local,” emphasizes President Zawada. “Locally, Waterloo Region remains a strong and stable housing market. The excitement surrounding the area from the ION, the burgeoning tech sector, the rural and urban blend position Waterloo Region as a highly desirable place to live and invest.”
The average sale price of all residential sales in 2015 increased 3.9 percent to $348,888 in comparison to 2014. Single detached homes sold for an average price of $400,456 (up 3.5%), semi-detached for $268,400 (up 3.4%), townhomes for $301,005 (up to 4.1%) and condominiums sold for an average of $237,735 (up 7.3%).
The KWAR cautions that 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 calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.
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