After a tough winter, residential real estate sales bloomed in May in Kitchener Waterloo with 509 sales. Of these, 21 were new homes sales and 488 were resales. In May, 2013, there were 40 new home sales on MLS and 507 resales. Unit sales continue to decline year-over-year as the economic decision makers try and engineer a soft landing for Canadian real estate.
Successful sellers in May received 98% of their asking price and the sold sign hit the lawn in 32 days on average. This represents an improvement over last May when sellers got just 97.6% of the asking price in an average of 31 days.
Sale prices in Kitchener Waterloo remained firm as the average sale climbed nearly 4% to $333,558 year-over-year.
So where do we go from here? Active listings total 1646 with 399 new homes and 1247 resales. I expect buyers to have a bit more leverage in the summer market as more homes come for sale.
As always, if you have real estate questions, feel free to call, text or email 519-505-4488 firstname.lastname@example.org.