August 2009 Market Update

The Kitchener-Waterloo Real Estate Board has released August 2009 sales data.  In K-W, there were 482 sales matching a record set in 2007.  The average price declined from August 2008 by slightly more than $10 000 and the median price dipped to $237,200 versus $242,000 in August 2008.  Condominium sales were up 67% over August 2008 as record interest rates improved affordability.  The decline in prices can be attributed to fewer luxury homes selling and more condominiums ie) a different mix.  Active MLS listings in K-W currently total 1086 of which 280 are brand new/to be built and 806 are resale homes.  With less than 3 months of inventory, we currently have a seller's market.

As always, feel free to call/email for detailed information specific to you and your neighbourhood.  MailTo: 519-505-4488 

In my next post, I'll forecast what is to come in the late summer/fall market.        

Jeff Gingerich

Jeff Gingerich

Sales Representative
CENTURY 21 Heritage House Ltd., Brokerage*
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