K‐W HOME SALES END YEAR ON STRONG NOTE
MLS® home sales reach monthly high for fourth consecutive month in December
KITCHENER‐WATERLOO, ON (January 6, 2010) – Another new record for residential
sales was set by the Kitchener‐Waterloo Real Estate Board (KWREB) in December.
MLS® home sales hit 356 units to the end of December, a 60 percent increase
from the same month one year ago, and a 15 percent increase from the previous
record set in 2006.
The steady climb of residential property sales that began in the second quarter brought the year‐to‐date total in Kitchener‐Waterloo and area to 6,467, a 5.8 percent increase over 2008. “2009 got off to a slow start due to some lingering economic concerns,” reports Ted Scharf, the President of the Kitchener‐Waterloo Real Estate Board, “however, once consumers regained their confidence around April of this year, it proved to be a surprisingly active year. We had strong sales in the second quarter followed by the best third and fourth quarter sales ever.”
Homes selling between $200,000 and $250,000 were the most active price point in 2009, with a total of 1794 units, down 2 percent from the year before. Strong sales in this range supported the market throughout the year, though there was an increase in the higher end activity towards the end of the year.
Overall, home sales in 2009 totalled $1,689,032,095 (up 4.5 percent from 2008) and included 4,201 detached homes (up 5.8 percent from 2008), 1,174 condominium units (up 4.7 percent from 2008), 529 semis (up 4.1 percent from 2008), and 500 townhouses (up 10 percent from 2008).
The average price of all residential properties sold through the MLS® System of the KWREB last year was $261,379 a 1.1 percent decrease from 2008. Single detached homes sold for an average price of $297,757 in 2009, a 1.6 percent decrease relative to 2008. In the condominium market the average sale price 2009 was $176,393 a 1.2 percent increase over the year before.
“Last December was simply a great month, the continuing low interest rates along with relatively agreeable weather certainly supported buyers and sellers,” said Scharf. “Heading into the year we are expecting a decent amount of demand in real estate, as Waterloo Region’s economy continues to create jobs and consumer concerns diminish.”