The Kitchener-Waterloo Real Estate Board reports 527 residential sales in K-W for May 2009 representing a 9% increase over May 2008 sales. The average price declined year-over-year by 1.4% to $261,628. Right about now you're probably thinking "What about the Recession?" This increase in sales is being driven by low interest rates resulting in increased affordability. ...
Posted by Jeff Gingerich
on June 9, 2009
In a sign of the times, million dollar residential sales in Kitchener-Waterloo are becoming increasingly rare. Currently there are 21 homes for sale in K-W with an asking price exceeding 1 million dollars. It certainly looks like a strong buyer's market as this price bracket has produced only 1 sale through the MLS this year. In 2008, the Kitchener-Waterloo Real Estate Board ...
Posted by Jeff Gingerich
on May 26, 2009
Residential sales in Kitchener-Waterloo for the first 2 weeks of May show a 15% increase over the same period in May 2008. Of note, out of 257 sales recorded by the Kitchener-Waterloo Real Estate Board, 199 were under $300 000. The supply of homes in this price range is shrinking rapidly due to high activity from first-time buyers. Average days on ...
Posted by Jeff Gingerich
on May 21, 2009
There's an old fable about a chicken who thinks the sky is falling because he got hit in the head with a falling acorn. The moral of this fable is to have courage and not to be a "chicken". This "disaster is imminent" message is a common theme in the media today. It appears the residents of Waterloo Region know better.
In what can best be described as a stable market, ...
Posted by Jeff Gingerich
on April 3, 2009
Waterloo's top employer Research in Motion(RIM) defied analyst's expectations today in announcing fiscal 4th quarter profits easily eclipsed last year's results. RIM now has 25 million subscribers and is growing market share in the midst of a sluggish global economy. These results are a huge positive for the local economy and for Wateroo Region real estate. For the full ...
Posted by Jeff Gingerich
on April 2, 2009
An analysis of early March MLS sales activity in Kitchener-Waterloo point to a relatively healthy market. Unit sales for the first 2 weeks of March totalled 151 versus 225 for the same period in 2008 representing a 33% decrease.
However, the average sale price year-over-year declined by less than 1% and the list-price to sale-price ratio was a robust 97.6%. The average days on ...
Posted by Jeff Gingerich
on March 19, 2009
Preliminary sales figures for February 2009 point to mixed results. The Kitchener-Waterloo Real Estate Board saw 290 residential sales which paled by comparison to the 405 sales in February 2008. This equates to approx. a 28% decline in unit sales making it the lowest total recorded in this decade.
However, in my opinion, the glass is half full. Active listings ...
Posted by Jeff Gingerich
on March 3, 2009
Preliminary figures from the Kitchener-Waterloo Real Estate Board show residential unit sales in January 2009 totalled 217. This figure represents a decline of approx. 28% from January 2008's total of 301. Active residential listings in Kitchener-Waterloo total 1240 or almost a 6 month supply. This would indicate a buyer's market.
However, to put our local real estate ...
Posted by Jeff Gingerich
on February 3, 2009
Over the last number of years, veteran market watchers(those over age 40) always wondered when the local real estate boom would end. My answer was "when the rates go up considerably or the jobs disappear." As recent job losses and layoffs have unfolded, we've once again discovered real estate markets are cyclical. The local market has shifted and a buyer's ...
Posted by Jeff Gingerich
on February 3, 2009
Preliminary sales figures indicate that 2008 sales were the 3rd highest on record for the K-W Real Estate Board. The 4966 sales trailed record-setting totals for 2007 with 5546, a decline of approx. 10%. The sales for 2008 were more in line with the 2005 and 2006 sales of 4988 and 4905 respectively.
Of note, the 4th quarter sales from Oct. 1-Dec. 31, 2008 were 766 compared ...
Posted by Jeff Gingerich
on January 6, 2009