KITCHENER -WATERLOO, ON (June 3, 2011) –Sales of residential properties via the Multiple ListingSystem (MLS®) of the Kitchener Waterloo Association of REALTORS® (KWAR) returned to typical numbers after a slower than usual start to the year.There were a total of 667 residential properties sold last month, a 4.5 percent increase compared to May of last year, and the third highest on record.May’s sales included 441 detached homes, 130 condominium units, 60 semis and 29 townhouses.The average sales price of all residential sales increased 2.8 percent to $310,003 compared with May 2010. While single detached homes sold for an average price of $353,058, an increase of 3.2 percent compared to last year. In the condominium market the average sale price in May increased 4.1 percent to $210,098 compared to the same month a year ago.
The KWAR cautions that average sale price information can be useful in establishing long term trends,but should not be used as an indicator that specific properties have increased or decreased in value.Those requiring specific information on property values should contact a REALTOR®.
Source: KWAR
