The sale of residential homes set a new record for April, surpassing the previous level set in 2007. Residential property sales through the Multiple Listing System
(MLS®) of the KitchenerWaterloo Real Estate Board (KWREB) recorded 724 transactions, edging above the previous record set in 2007 of 711. The 724 homes sold in April represent an increase of 12.6 percent relative to April 2009 results. In March there were 738 sales.

“April was a continuation of the spring surge which began a little earlier than usual this year with a record breaking March, “said, Ted Scharf, President of the KitchenerWaterloo Real Estate Board.

“Buyers and sellers had an added sense of urgency this spring with the impending HST implementation and threat of rising interest rates.”
April’s sales included 482 detached homes (up 15.6 percent from2009),128condominium units (up 18.5 percent from 2009), 46 semis (down 13.2 percent from 2009) and 62 townhouses (down 3.1 percent from 2009).

More homes selling in the higher price ranges was a notable trend last month notes Scharf. In April 2009 it was the lower priced residential homes driving the market out of the recession, now however; we are seeing a significant increase in the number of homes being sold above the $250,000 mark. 58% of the homes sold last month went for more than $250,000, compared to 43% in April 2009.

Stronger sales in the upper end of the residential market resulted in a 12.9 percent increase in the average residential price in April to $289,017, as compared with one year ago. Detached homes saw an average sale price of $331,366 a 14.3 percent increase relative to April 2009.

During the first four months of the year, there has been a 38.2 percent increase in the number of residential sales, with 2,437 residential sales compared to 1,763 in the same period one year ago.

For Comment: Ted Scharf (pronounced Skarf), President, 5197472040.
For Background: Tania Benninger, Communications Manager, 5195761400 ext. 227