House sales up 1% in K-W, drop 4.2% in Cambridge

Posted: October 6, 2009 in Buyers, General Information, Sellers, Statistics, What's Happening Now!
WATERLOO REGION — September house sales rose one per cent in the Kitchener and Waterloo area, but dropped 4.2 per cent in Cambridge, according to figures released today by the region’s two real-estate boards.

In the Kitchener and Waterloo area, 531 homes were sold last month, compared to 525 a year ago, the board reported. Though the increase was minimal, it still set a record for the month of September, the board noted.

Sales of detached homes dropped 0.6 per cent to 335 and sales of condos fell 8.1 per cent to 102. Sales of semi-detached homes and townhouses rose 18 per cent to 86 units last month.

The average price of all properties fell 0.2 per cent to $255,432 and the median price increased 0.7 per cent to $239,900. The total value of all real estate sales was $135.3 million, up 0.6 per cent from September 2008.

For the year to date, 4,965 properties have changed hands, down 4.2 per cent from the 5,184 sold to this point last year.

A surge in the last two months has nearly made up for a sluggish start to the year, board president Karen Shartun said in a news release. In the first quarter, sales were down 25 per cent. In the second, they had fallen to 10 per cent, she noted.

“If the fall market continues the momentum we’ve seen in the latter half of summer, we are poised to post an annual increase in activity this year,” Shartun said.

In Cambridge, 251 residential units were sold in September, down from 262 for the same month last year.

However, the market remains stable because sales exceeded the 200 mark for the seventh consecutive month, said board president Mike Toffner.

The total dollar volume of sales fell one per cent to $64.2 million, but the average price rose 3.2 per cent to $256,023.

Homes costing less than $250,000 were the most popular, with 135 changing hands, the board reported.

The number of listings was down 17.5 per cent from a year ago, the board said.

Record staff

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