According to this recent press release from the KWREB, the real estate market in Kitchener-Waterloo and area is off to a great start with the best January on record for the local real estate board.

KITCHENER-WATERLOO, ON (February 3, 2010) - Sales of residential properties through the MLS® System of the Kitchener-Waterloo Real Estate Board (KWREB) last month represented the best January ever, nudging by the previous record set in 2006. It was also the fifth month in a row that home sales in the region reached a monthly high.

Home sales activity reached 416 residential sales last month, a jump of nearly 64 percent compared to January 2009. Relative to December 2009, sales saw a 16.5 percent gain last month.

...

The total dollar volume of residential properties purchased last month also increased exponentially from January 2009 to $115,991,276, up 84 percent, resulting in higher average sale prices.

"This year we are off to quite a different start compared to last year, which is really encouraging," said Ted Scharf, the President of the KWREB, "January is traditionally a slower month for residential sales. These results show that there is definitely demand in the market and the traditional mindset of waiting until spring just doesn't seem to be as strong."

The higher price ranges did exceptionally well in January, with 54 homes selling for more than $400,000, compared to 22 sales one year ago. Homes selling between $225,000 and $250,000 continued to be the most active price point in January with 61 sales, up 29.8 percent over last year.

Sales were strong across all property types in January and included 285 detached homes (up 66.7 percent from 2009), 73 condominium units (up 69.8 percent from 2009), 28 semis (up 33.3 percent from 2009), and 28 townhouses (up 64.7 percent from 2009).

Overall, the average sale price of all residential properties sold last month rose 12.3 percent to $278,825 compared to January 2009. Single detached homes sold for an average price of $316,913, a jump of 13.6 percent compared to last year. In the condominium market the average sale price in January was $178,427, an increase of 7.2 percent relative to one year ago.

"Historically low interest rates are continuing to help fuel activity in the local real estate market," says Scharf. "So long as there are no sudden increases or threats to the rates, it will continue to be a driving factor in the coming months."