September sales of residential real estate in Kitchener Waterloo showed modest results. There were a total of 362 sales through MLS this September versus 376 in September 2010. However, if we break down the sales, the decline was in new homes with 19 this September and 49 for the same period last year. Residential resale or used homes actually increased to 343 from 327 sales in September 2010.
Monthly sales figures year-over-year for resale homes were quite similar. The average days on the market for September sales rose to 42 from last September's 40 days. Sellers this September received, on average, 97.8% of their asking price versus 97.7% 1 year ago. Of note, the average sale price of a resale home declined 4% to $284,969 from $293,923 in September 2010.
Another indicator of the relative health of local real estate is the number of homes for sale. Active listings on MLS total 1448 with 402 new homes and 1046 resales. If we divide the number of resale homes sold in September by the number of active resale homes, we see there's just slightly better than a 3 month supply of homes for sale. This leaves us firmly in a sellers market in Kitchener Waterloo.
So what can we expect in the coming months? With interest rates at low levels and a healthy local economy, we can expect more of the same. Sellers who set a reasonable price can expect to sell in a relatively short period of time. Buyers will have less competition in the fall market and be able to take advantage of low interest rates to get settled in before the snow flies.
As always, remember that markets are local and can vary from neighbourhood to neighbourhood. For sound advice on your real estate needs, feel free to call or email 519-505-4488 firstname.lastname@example.org.
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"