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.”

KITCHENER-WATERLOO, ON (December 3, 2009) – A new record for residential sales was set by the Kitchener-Waterloo Real Estate Board (KWREB) in November as MLS® homes sales to the end of November reached 556 units. That’s an 87.8 percent increase from November 2008, and the third consecutive month that sales set a monthly record.

The remarkable jump in residential sales this November is a clear reminder of what was happening this time last year--“not much” says Ted Scharf, the new President of the Kitchener-Waterloo Real Estate Board. “But for the third consecutive month we have seen a significant resurgence from the downturn that started last fall.”

Year-to-date, there have been 6,108 residential units sold, meaning sales will easily outshine 2008’s yearend total of 6,115 units.

Demand was strong for homes across all price ranges and types, but the most notable shift occurred in the higher-price ranges. Homes selling between $350,000 to $500,000 totalled 90 in November, an increase of 233 percent compared with November 2008 and an increase of 67 percent compared to last month.

Another bright sign for the local economy, notes Scharf, was the increase in the sale of builder product last month. There were 85 new construction homes sold through the MLS® System of the KWREB in November, marking a 214.8 percent increase over the same month last year, and an 11.8 percent increase over the previous month’s activity.

Overall home sales last month totalled $114,223,610 (up 92 percent from November 08) and included 357 detached homes (up 81.2 percent from November 08), 106 condominium units (up 112 percent from November 08), 43 semis (up 43.3 percent from November 08), and 47 townhouses (up 176 .5 percent from November 08).

The average price of all residential properties sold through the MLS® System of the KWREB last month sold for an average price of $277,649 a 4.2 percent increase from November 2008 and a 7.4 percent increase from last month.

Single detached homes sold for an average price of $319,954 in November, a 5.8 percent increase relative to November 2008, and a 6.6 percent increase compared to the previous month.

In the condominium market the average sale price in November was $187,521 a 4.7 percent increase over November 2008 and a 8.7 percent increase over October 2009.

“While we’re not getting excited about the increase from this time a year ago, it is a little surprising to see sales as strong as they were in November. Buyers continue to take advantage of low interest rates,and are showing their confidence in the local market, “says President Scharf. “Given the strong demand for homes we’ve seen these last few months, the active summer and the strong spring, I think it’s safe to say that whatever pinch we were feeling in the real estate market as a result of the recession has ended.”

KITCHENER-WATERLOO, ON (October 5, 2009) – The 531 homes sold last month through the MLS® System of the Kitchener-Waterloo Real Estate Board (KWREB) may be a mere one percent increase relative to one year ago, but is still the most ever recorded in a single September of the board’s history.

Sales last month totalled $135,379,151 (up .6 percent from September 08) and included 335 detached homes (down 0.6 percent from September 08), and 102 condominium units (down 8.1 percent from September 08). It was the increase in sales of semis and townhouses that pushed September sales over last year, with an overall 18 percent increase to 86 units last month.

President Karen Shartun noted that after the exceptional showing of sales in August one might have expected September to be a little sluggish, but the strong momentum of activity continued. “I attribute this to the general feeling of confidence that people have in the Kitchener-Waterloo real estate market and people wanting to take advantage of low interest rates before they move higher” Shartun said.

Prices in the Kitchener-Waterloo area show signs of sustained stability. The average price of all residential properties sold in Kitchener-Waterloo and area last month sold for an average price of $255,432 a slight 0.2 percent decrease over September 2008. The average price of a single family detached home sold in September decreased 2.1 percent to $285,882 on year-over-year basis, while the average price of a condominium unit increased 9.2 percent to $186,825. The median price of all homes sold last month increased 0.7 percent to $239,900, whereas the median price of single family detached properties increased 3.6% to $271,500.

Strong results these last two months mean sales are starting to close in on last year’s totals. Explains Shartun, “After the first quarter of 2009 sales were down on a year-to-date basis by 25 percent compared to last year, by the end of the second quarter that gap decreased to 10 percent below, now after the third quarter the decrease is only 4.2 percent”.

To the end of the third quarter of the year, there have been a total of 4,965 residential sales, compared to 5,184 during the same period in 2008. “If the fall market continues the momentum we’ve seen in the latter half of summer we are poised to post an annual increase in activity this year,” Shartun says.