Real estate saw a boost in October as home sales surged in Waterloo Region.
The Multiple Listing System of the Kitchener-Waterloo Association of Realtors (KWAR) reported 563 home sales, an increase of 17 per cent from the same period last year.
“We’re continuing to see strong sales in the Region, with the second highest number of units sold in October on record,” KWAR president Lynn Bebnek said in a press release.
“The fall sales rush reinforces the fact that the traditional spring market was pushed into the late summer months and Waterloo region continues to be a desirable place to invest in home ownership.”
Single detached homes sold for $377,895 on average last month, a 7 per cent increase from last year. Condo sale prices dropped slightly, to an average price of $212,877.
There was, however, an overall increase of all residential sales. Average prices rose just over 5 percent to $330,121.
The large increase in average price was due partly to the 57 homes sold in the $500,000 to $999,999 range, up from only 25 homes with that price sold in 2013.
