KITCHENER, ON (November 5, 2008) – The number of residential sales for the cities of Kitchener -
Waterloo dipped to pre 2005 values for the month of October. There was a 21.6 percent decrease from September of 2008 and a 14 percent decrease from October of 2007. However, there was a 14.5 percent increase in the number of new residential listings and a 14 percent increase in all property types over October 2007.
“This activity is not surprising,” reports Karen Shartun, President of the Kitchener-Waterloo real Estate Board, “the last three years have simply been exceptional, and the market activity is slowly but surely working towards more balanced numbers. While the sales are down, the volume of new listings is up along with the average sale price, all of which contributes to a healthy market.”
The average sale price for single family-detached residential properties in the Kitchener-Waterloo area increased 12.1 percent, and freehold townhouses saw an increase of 4.7 percent from October of 2007.
The average sale price for all residential properties was $261,948 with single family detached homes averaging $311,041. The average condominium sale price decreased 1.4 percent from September to $169,171. The average sale price for single family detached homes was carried by an increase in the number of sales in the $350,000 - $750,000 range.
The median sale price reveals a more moderate and sustainable increase of 5.9 percent for single family detached homes, and 0.9 percent increase for all residential activity over October 2007.
“Our market is healthy,” says Shartun “and whether the dip in sales is a reflection of pre-election jitters or stock market instability from south of the border, or an indicator of a return to a more balanced market, will be determined over the coming months.”
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