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According to the latest statistics from Kitchener-Waterloo Real Estate Board, the average price of all residential properties sold through the MLS® System of the KWREB last month was $302,596. This is a 14.3 percent increase over October 2009.

Board President Ted Scharf says, “this seems like an incredible jump in the average price.” Indeed it is, since last year 54 percent of the sales were happening under the $250,000 mark.

Compared to a year ago the average price of detached homes sold last month increased 13.5 percent, representing $346,436. Also, condominiums sold for an average of $207,328, a 14.3 percent increase since last year.

Despite the strong price increases. October’s unit home sales declined 22.4 percent compared to October 2009. Scharf noted, “it’s always a good idea to look at year-over-year comparisons with some measure of caution.”

Even though sales slowed somewhat in October, prices continue to do well. First time home buyers who got into the market last year have been satisfied. The majority of the demand has been met, thus the real estate market should return to being more steady.

Overall, Ocotober’s sales span up to 134.3 million including 288 detached homes, 93 condominium units, 35 semis and 26 townhouses.

Source: Waterloo Region Record. Published Saturday, November 6 2010.

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