Market Update

The cooler fall weather was echoed by a decrease in residential home sales in October, however, sales for the year are at their second highest level ever.

Year-to-date, there have been 5,570 residential units sold, a 1.9 percent increase over last year.

On a year-over-year basis, sales declined 22.4 percent in October compared to the same period last year.  

Home sales last month totalled $134,352,425 and included 288 detached homes, 93 condominium units, 35 semis, and 26 townhouses.

The average price of all residential properties sold through the MLS® System of the KWREB last month was $302,596 a 14.3 percent increase over October  2009.

The average price of detached homes sold last month increased 13.5 percent to $346,436 relative to one year ago. Condominiums sold for an average of $207,328 in October, a 14.3 percent increase on a year-over-year basis.

"Though sales slowed somewhat in October, prices continue to do well," says the KW Real Estate Board President. "All those first time buyers who got into the market last year must be feeling good. Now that much of that demand has been satisfied, we should see a return to a more steady and stable real estate market."

Source: KW Real Estate Board