January 2014 added Polar Vortex to the local lexicon and it served to put the chill on Kitchener Waterloo real estate sales. Preliminary results show 220 sales for the month consisting of 11 new homes and 209 resales. In January 2013, there were 234 sales with 9 new homes and 225 resales.
Regular readers of this Kitchener Waterloo real estate blog know I place greater emphasis on the resale numbers. Year-over-year, the number of resales declined about 7%. Typically in January, we see greater sales momentum as we come to the end of the month. This January, frigid weather and significant snowfalls had an effect on month-end sales.
There was some good news for Kitchener Waterloo home sellers as average prices for January climbed by 2% year-over-year to $307,616. It took a rather brisk 46 days, on average, to put up the sold sign and sellers received 97.8% of their asking price on average.
So where do we go from here? As mentioned previously, keep an eye on the number of homes for sale. Currently, there are 1192 MLS listings consisting of 396 new homes and 796 resales. Based on January sales, we currently have about a 3 1/2 month supply of resale homes. This means Kitchener Waterloo remains a seller's real estate market.
If you have questions about Kitchener Waterloo real estate, I'm here to help. Feel free to call, text or email 519-505-4488 firstname.lastname@example.org.