Kitchener Waterloo Real Estate Board Statistics for May 2011

By Warren McNeil  

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of May 2011 and compares it with the same month in the previous year. This information is for single detached only in all areas.

Single Family Detached Homes only

The above information is believed to be correct errors and ommissions accepted

APRIL SHOWERS WASH AWAY SOME OF THE BUYERS

KITCHENER-WATERLOO, ON (June 3, 2011) – Sales of residential properties via the Multiple Listing System (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.

“While May might have been the wettest on record, that didn’t dampen the enthusiasm of buyers or sellers,” says George Patton, President of KWAR. “Spring always brings people out, and last month’s MLS® activity was on par or better than most years.”

May’s sales included 441 detached homes, 130 condominium units, 60 semis and 29 townhouses.

“There was increased activity on almost all types and price points of homes. The average sale price was pulled up by some strong higher end sales including 15 sales of residential properties between $750,000 and $1,00,000” says Patton. “We’re continuing to see lots of interest and activity in higher priced properties which is also a barometer of the local economy.”

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®.

The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes.

If we take 7 houses that were sold and sort their prices from lowest to highest in 1000s of Canadian Dollars.

225, 250, 275, 280, 300, 330, 350

Median price is 280, because it is right in the middle of the range – there are 3 prices that are lower and 3 prices that are higher.

How median price is different from average price?

To calculate average price we have to sum all of the prices and then divide by the number of units sold, therefore

Average price = (225 + 250 + 275+ 280 + 300 + 330 + 350) / 7 = approximately 287

What median price shows?

It shows who rules the market in a certain place (suburb or area) at certain time (i.e. 3 or 6 months or a year): if there are more people buying expensive houses than cheap ones, it will go up, but if there are more people buying cheap property than expensive – it will go down.

Kitchener Waterloo Real Estate Statistics May 2011

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

Spacious 3 bedroom, 2 bath multi-level condo in desirable complex near Chicopee.
Features include: freshly painted main floor, eat-in kitchen, generous dining room and living room with walk out to yard. One of the largest floorplans in complex, finished recroom and carport. Don’t miss out!
– View Listing

Spacious 3 bedroom, 2 bath multi-level condo in desirable complex near Chicopee.
Features include: freshly painted main floor, eat-in kitchen, generous dining room and living room with walk out to yard. One of the largest floorplans in complex, finished recroom and carport. Don’t miss out!
– View Listing

by Warren McNeil,

The Arrow Lofts are nearing completion and will be available in the winter of 2011. If you want to be in a downtown Kitchener condo, the Arrow Lofts might be just what you are searcing for. Pricing starts in the 200s and goes up to 600,000.

For a complete list of all the floorplans and pricing please contact us. Right now for a limited time there is special agent pricing and buyer incentive program.

This is just another development besides the Centre City Living condos by Andrin which are located in the Centre Block.

Check out this video I did about the new development.

Video added June 8th, 2011

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca