Residential property sales in April for the Kitchener-Waterloo area matched last April’s numbers, according to the latest report from the Kitchener-Waterloo Association of REALTORS.
There were a total of 683 residential properties sold last month, identical to April 2012’s sales number. Residential sales grew 11.6 per cent over March, continuing the positive trend of increasing home sales since the beginning of the year. April home sales were also 1.9 per cent above the 5-year average for the month.
“Low interest rates are assisting the market,” Dietmar Sommerfield, President of KWAR, said in a news release.
“Low interest rates and a strong local economy continue to make it favourable for people to invest in homes in the region,” said Sommerfield. “This April set a record for dollar volume of sales compared to the last 10 years.”
Last month’s sales included 471 single detached homes, up 3.5 percent from last year, 117 condominium units, down 7.9 percent, 47 detached homes, down 14.5 percent and 41 freehold townhouses, down 2.4 percent.
Year-to-date residential sales were only 1.1 percent below the 5-year average with a total of 2,058 units to date.
Average sale prices rose to $334,777, a 6.2 per cent increase over last year. Single detached homes sold for an average price of $378,936, an increase of 6.1 percent compared to last April. The average sale price for condominiums was $216,209 a decrease of 0.7 percent, compared to April 2012.
More people are out-and-about due to the warm-weather which may strengthen the Kitchener-Waterloo economy, it will be interesting to see what the next market report will show.