According to the most recent press release from the Kitchener-Waterloo Association od Realtors (KWAR), the average price for a home in Waterloo Region increased in the month of August, 2011.

August Home Sales in Kitchener-Waterloo Up From Last Year

KITCHENER-WATERLOO, ON (Sept. 7th, 2011) - There were a total of 507 home sales through the Multiple Listing Service (MLS®) system of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 7.2 percent increase in residential sales compared to the same month last year. Sales in the month of August included 341 detached homes, 32 semis, 27 townhomes and 100 condominium units.

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The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 4.3 percent to $293,149, up from $280,985 one year ago. Condominium units increased 3.2 percent in August compared to last year to $208,238. Similarly, the average sale price of detached homes rose 3.3 percent to $330,561 over August 2010.

Despite this increase in August sales compared to 2010, overall residential sales are down on a year-to-date basis from 4,615 to 4,476 units which signify a 3.0 percent decrease in transactions. Residential sales are also down from the month of July by 2.3percent which recorded 519 residential sales.

"There were a lot of positive numbers this August compared to the same month last year," said George Patton, President of KWAR. "Sales were brisk; we had a good amount of multiple offers reported. The $300 to $350,000 price range was definitely the most popular with buyers in August, representing 14 percent of all sales for the month."

Homes priced above $350,000 also saw significant activity and accounted for another 23 percent of sales in the month of August. "The cooler weather signifies the beginning of the fall market - always a busier time for real estate sales," notes Patton.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.