WOW, what a month!
The Kitchener Waterloo Real Estate Board just released the official market stats for the month of may, and as I suspected, it was another record month for home sales
April 2007 was the first month ever, since computerized records were kept, that more than 700 homes (713 in all) and May smashed that record with 774 homes sold. Incidentally that is 20% more than sold in May 2006, also previously a record month.
As of the end of May, Kitchener Waterloo home sales are up 11% over the first five months of 2006, and total dollar volume of homes sold is up 24%
The hottest market segment right now, in terms of price increases, are condominiums, semi detached houses and townhouses. Their value has jumped by 7.1% relative to the end of May 2006. I can personally attest to the heat of the condo market, as Sarah and I are in the hunt for one right now; we put in a full price offer on one on Sunday to no avail. In stark contrast, the median price of detached homes is down 1.6%, and overall, the median price of all homes sold increased by 1.4%.
One of the main reasons sales are surging while prices remain constant is that there is an abundance of homes for sale – over 1900 listings hit the market in May. Supply and demand are well balanced, and it is a very healthy market.
For more information, you can email me on my blackberry (where I am writing this from) at firstname.lastname@example.org, or call me at 519 505 1310.
Posted from my Blackberry
Benjamin Bach is a Sales Representative with Keller Williams Golden Triangle Realty in Kitchener Waterloo. Benjamin loves tracking the local market, and enjoys sharing market statistics with his clients – so they don’t have to rely on what they read in the media. Benjamin wakes up each morning excited to fulfil his mission of building wealth for great lives through comprehensive Real Estate investment planning, and helping people achieve success.
If you are interested in how you can start your Real Estate Investment portfolio, have any questions about buying or selling an income or investment property in the Waterloo Region, or are looking for a tip on what to do around town, please email Benjamin (benjamin(AT)benjaminbach.com) or call him at 519 570 4447.