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 at present total 1357. If we take out new homes(which may not be built), the number of homes for sale drops to 1023 or approx. a 3 1/2 month supply.
Sale prices appear stable as the year-over-year average price declined approx. 2.5%. The average days on market for those homes selling increased from 42 days last year to 51 days this year. The February 2009 average list price to sale price ratio is approx. 97% versus approx. 98.5% in February 2008.
In short, we have what Realtors used to refer to as a "normal" market. A well-priced home in a good location that presents itself well will still sell in a relatively short period of time. Buyers have more selection but cannot automatically wait for the price to fall without risking someone else buying it.
For information on your neighbourhood, feel free to contact me.