Sales of residential properties in Kitchener-Waterloo and area decreased a slight 1.8 percent in July, but the decline was limited to those properties selling below $300,000.

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In July a total of 654 homes sold through the MLS® System of the Kitchener-Waterloo Real Estate Board (KWREB) for a total value of $181,732,926, including 453 detached homes and 101 condominium units.

Detached home sales in July were actually up over last year by nearly four percent. "It was the higher price ranges and the sale of detached homes that drove the market in July," says Karen Shartun, President of the KWREB. Shartun notes that "Thirty-two percent of the sales last month were for homes selling for more than $300,000, whereas twenty-six percent was the proportion during the same month last year, and in June of this year it was twenty-seven percent."

The increased activity in the higher price ranges has contributed to July's average price increase of 4 percent over July 2008 to $277,879. Detached homes sold for an average price of $314,974, a 2.5 percent increase relative to one year ago.

Meanwhile, the median sales price of all home sold in July was $254,000, a 3 percent increase on an annualized basis. The median price of detached homes last month was $284,000, a 2.4 percent increase over July 2008 results.

Along with continuing consumer demand, the number of homes available on the KWREB's MLS® System was also stable. There were 2,040 active MLS® listings available at the end of July, a minor decrease from the 2,046 homes being marketed a year ago.

Despite the small decline in July's sales, Shartun believes residential sales remain very healthy in Kitchener-Waterloo. "Mortgage rates are at record lows and by most accounts the economy seems to be turning the corner on the recession".