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.
