I know everyone is waiting for June stats to see if the market can keep up with itself, so without further adieu I present to you part of the official June 2007 media release issued by the Kitchener Waterloo Real Estate Board
KITCHENER WATERLOO HOME SALES UP MORE THAN 14 PERCENT THIS YEAR
KITCHENER, ONTARIO – Residential real estate sales continued their record pace in June, leading to a year-to-date increase of 14.6 percent.
The Kitchener-Waterloo Real Estate Board has recorded a total of 3,751 sales of homes in Kitchener-Waterloo and area through the Multiple Listing Service® to the end of June, compared with 3,273 sales for the same period one year ago.
This strong sales performance translates into more than $900 million in residential properties sold during the first six months of 2007, a 20.5 percent increase.
Homes selling for $400,000 to $500,000 saw the most significant jump in activity during the first half of the year, increasing 61 percent to 161 sales. Strong sales were recorded across virtually all price ranges above $200,000, most increasing more than 25. The single exception was homes selling for more than $1 million; there were only two such properties sold to the end of June, down from five sales during the same period one year ago.
While sales remained on a record-setting trajectory throughout the first half of the year, the average sale price remained relatively stable, increasing just 5.2 percent to $246,428. The average price of a single family detached home sold between January and June was $280,690, a 4.3 percent increase.
The median sale price of all residential properties also increased 5.1 percent to the end of June, to $227,000. Single family detached homes increased an average of 4.7 percent to $254,472.
According to the president of the Kitchener-Waterloo Real Estate Board, first half results point to strong consumer demand driven in large part by the inherent value of residential real estate ownership in the Region.
In June alone, there were 752 home sales, the third consecutive month that sales surpassed the 700 mark. June represents the second highest month in the history of the Board, exceeded only by last month’s 779 home sales.
The pace of sales is exerting pressure on the supply of homes for sale in Kitchener-Waterloo and area. Active listings decreased 9.3 percent on a year-over-year basis. However, to the end of June, the number of listings processed increased 5.5 percent relative to the same period in 2006.
There have been a total of 5,678 new residential listings processed during the first six months of the year.
While sales continue at a record pace, some key market indicators remain remarkably stable, according to the president of the Kitchener-Waterloo Real Estate Board:
• the time between a home being listed and its sale has remained at 49 days, despite strong consumer demand; and,
• the sale price relative to the list price has also remained consistent despite exceptionally strong sales.
More commentary on the market to follow…
Benjamin Bach is a Sales Representative with Keller Williams Golden Triangle Realty in Kitchener Waterloo. Benjamin loves helping people learn about the local Kitchener Waterloo Real Estate market and make smart decisions based on what they have learnt. 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 a rental, income or investment property in the Waterloo Region, or are looking for a tip on a great book to read, please email Benjamin at (benjamin(AT)benjaminbach.com) or call him at 519 570 4447.