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Housing
K-W HOME SALES CONTINUE TO COMMAND TOP DOLLAR
KITCHENER – The value of residential properties sold in Kitchener-Waterloo and area continues to post steady increases every month, even as sales pull back slightly from their record pace as evidenced by April sales results.
Sales remain strong, with 691 homes selling last month for a total dollar volume of $181 million. While sales last month declined 2.9 percent relative to April 2007, these sales mark a 13.5 percent increase relative to March 2008.
In terms of the value of all residential real estate sold last month, there was a 2.9 percent increase on a year-over-year basis.
While sales of single family detached properties declined 6.6 percent, demand for condominiums and other forms of attached housing remained particularly strong in April with a 4.1 percent increase in sales.
“Sales of residential properties in April continued to be solid, though they are indicative of the fact that the record setting pace of last year could not be sustained,” says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. “Prospective sellers should be encouraged by strong consumer demand and the solid investment returns residential properties are commanding.”
The average sale price of all homes sold in Kitchener-Waterloo and area in April was $261,865, a six percent increase relative to one year ago. Single family detached properties sold for an average price of $297,268, a 5.9 percent increase.
The median price of homes sold last month was $238,900, a 3.9 percent increase over April 2007. The median price of single family detached properties increased 4.7 percent to $267,450, while other forms of housing jumped 12.8 percent to $208,750.
Shartun says sales activity is being influenced by a 15 percent decrease in active listings relative to one year ago. The 1,850 active listings last month meant prospective buyers had less choice than has been the case in recent years.
“One sign of a healthy real estate market is the absence of pressured or panic buying,” says Shartun. “While average and median sales prices continue to climb, buyers are continuing to be very disciplined and are waiting for the right property to come along before making a purchase.”
Despite the year-over-year decline in active listings, there was a 5.2 percent increase last month in residential properties listed for sale relative to March.
“This area continues to be a stable market for residential real estate,” says Shartun. “Sellers are receiving top dollar for their properties while Buyers continue to be attracted by the embedded value of homeownership in Kitchener-Waterloo and area.”
See sales results for April 2008 |
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