Below is the latest press release from the Kitchener-Waterloo Real Estate Board (KWREB)

KITCHENER-WATERLOO, ON (February 3, 2011) -Sales of residential properties by REALTORS® through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) were steady in January.

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There were a total of 359 residential properties sold last month, a 9.5 percent increase compared to December 2010, and a 10.3 percent decrease relative to the same month a year ago.

"After posting record numbers in January of last year, we find January 2011 returning to more normal levels, "said George Patton, President of the KWREB.  "As usual, the first three weeks of January were fairly slow with much more activity in the final week of the month"

January's residential sales included 242 detached homes, 61 condominium units, 27 semis, and 26 freehold townhouses.

The dollar volume of all residential real estate sold last month was $100,174,173, a 5.8 percent increase compared to December 2010, and a 13.7 percent decrease relative to the same period last year.

While the average price of all residential properties sold the MLS® System of the KWREB in January experienced a decrease of 3.9 percent to $279,037, the president points out that this time last year there were more homes selling in the higher price ranges, which put upward pressure on the average price.

Detached homes sold for an average price of $313,110 in January, a 3.4 percent decreased relative to one year ago. The average sale price for a condominium unit was $189,402 last month, a 3.1 percent decrease compared to last year.

The KWREB 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. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a REALTOR®.