Winter Real Estate Update 2015
2014 brings 7 year high
for KW home sales
In 2014, 6,564 residential property sales were processed through the Multiple Listing Service (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR), marking a 7-year high and an increase of 3% compared to 2013.
After a fierce winter and chilly spring, buyers came out in droves making last year one of the best on record. The dollar volume of sales increased 7.2% over the previous year, totalling $2,207,485,532 and surpassing the “2 billion” dollar mark for only the second time in the local real estate board’s history.
Total residential sales in 2014 included 4,384 single detached homes selling for an average price of $382,798 (up 4.3%), 470 semi-detached that sold for an average of $256,606 (up 2.9%), 444 townhomes at an average of $287,951 (up to 3.4%) and 1,206 condominium units at an average of $222,359 (up 2.5%). The average price of all residential sales in 2014 increased 4% to $336,302.
The beginning of the third quarter saw home sales boom in October with 563 residential property sold, up 17% from the same time the previous year. Properties in October sold for an average price of $330,121, an increase of 5.4% from October 2013. According to KWAR, the large increase in average price was partly attributable to the 57 homes sold this month in the $500,000 - $999,999 price category.
In November, home sales through the MLS® were on par with sales compared to November 2013; however, residential sales totalled 6,251 on a yearly basis, a 2.7% increase over last year. Rounding out the quarter, December saw 316 residential sales, an 11% increase over the 283 in the same month last year.
Mortgage rates are expected to remain stable and possibly decrease slightly as long as oil prices stay in the current range.
As always, I'm a phone call or email away for any questions regarding real estate and investing, or call just to chat and catch up!