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: Jeff.Gingerich@Century21.ca 519-505-4488
In my next post, I'll forecast what is to come in the late summer/fall market.