The Riz Team Blog

By Kitchener-Waterloo Association of REALTORS® (KWAR) admin   •January 4th, 2013

KITCHENER-WATERLOO, ON (January 4, 2013) ––   There were a total of 6,212 residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2012, a slight decline of 0.7 percent compared to 2011’s year-end results.

Coming off two consecutive months of strong housing activity in October and November, fourth quarter home sales were practically on par with last year’s results. A total of 1,268 homes sold through the last 3 months of 2012, 6 transactions more than the same period in 2011.

Dollar volume of all residential real estate sold last year increased 2.6 percent to $ 1,931,345,147 compared with 2011, reflecting the steady price gains realized in 2012.

The average sale price of all homes sold in 2012 increased 3.3 percent to $311,006. Single detached homes sold for an average price of $353,888 in 2012, an increase of 3.2 percent. In the condominium market the average sale price in 2012 was $213,520, a 4 percent increase compared to the previous year.

“Residential sales activity remained fairly steady throughout 2012,” says Dietmar Sommerfeld, president of the KWAR. “In July the government put in place tighter mortgage lending rules, which is perhaps partly responsible for the slight easing of demand we saw, but overall the Kitchener-Waterloo housing market continues to show its stability.”

Home sales in 2012 included 4,070 detached homes (down 1.2 percent from 2011), 1,200 condos (down 0.1 percent) 486 semis (down 2.4 percent), and 400 townhouses (up 7.8 percent).

Sommerfeld says that Waterloo region benefits from a very diverse and dynamic economy that will continue to support a healthy housing market and consumer appetite for home ownership in 2012.

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.

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By Kitchener-Waterloo Association of REALTORS® (KWAR) admin • November 5th, 2012

KITCHENER-WATERLOO, ON (October 5, 2012) –– Area home sales rebounded in October, with 500 homes trading through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR). Residential sales in October are up 11.6 percent compared to last month’s results, and increased 4.6 percent from October 2011.

October’s residential sales included 322 detached homes (up 1.6 percent), 48 semi-detached (up 54.8), 33 townhouses (up 32 percent), and 92 condominium units (down 7.1 percent).

The average sales price of all residential sales in October was $302,656 a 1.5 percent decrease from the average sale price recorded in October 2011. Single detached properties sold for an average price of $339,592, a 3.8 percent decrease relative to one year ago.

Average prices for townhouses and condominium property types both increased last month, with townhouses gaining 10.7 percent to $287,133, and condominium units increasing 7 percent to $215,831 compared to the same month last year.

“The overall average residential price decreased slightly last month, which is not a surprise,” says Sara Hill, President of the KWAR, “In the past two months the average sale price was showing fairly strong gains even as sales were slowing, so I see this as a slight correction.”

On a year-to-date basis, residential home sales are practically on par with 2011 – with a total of 5,443 sales recorded. The average price of all residential properties sold year-to date is $310,739, an increase of 3.2 percent over 2011.

“The Kitchener-Waterloo housing market continues to show both long-term strength and stability” says Hill. “Shifts in average prices are normal, and home buyers and sellers should work with their REALTOR® to understand the market and set their expectations accordingly.”

Hill reminds consumers to use caution when looking at averages. The average sale price is based on the total dollar volume of all residential properties sold. 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.

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