The residential real estate market in Kitchener Waterloo posted fairly strong results in August with 351 MLS sales. Of these, 21 were new homes and 330 were used or resale homes. Sellers received, on average, 97.4% of their asking price and the average days on the market for these sales was 45. The average sale price for Kitchener Waterloo homes was $300,179.
How do these figures compare to August 2011? The number of homes sold was down about 2%. New home sales were up nearly 24% while resales were down nearly 4%. Last August, sellers got, on average, 97.8% of their asking price in a relatively brisk 40 days on the market. Average sale prices were up year over year by just 1% after recording nearly a 6% gain from August 2010.
As regular readers will know, I wrote in June that sale prices had peaked when they hit $311,258. That opinion is unchanged and the number of for sale signs is the reason. There are currently 1736 active residential properties for sale. Of these, 562 are new or to be built. On the resale side, there are 1174 properties. Year over year, active resales have climbed nearly 19% and new homes over 36%. Going forward, increased competition among sellers will see buyers taking their time and wanting to negotiate a discount. I expect this trend to continue for the balance of 2012 and accelerate in 2013.
Choosing to work with a Realtor has never been more important. For sellers, it's time to examine your motivation for selling as the "easy" money has left the Kitchener Waterloo real estate market. If you need to sell, feel free to contact me. Together, we'll craft a strategy to make sure your home stands out in an increasingly crowded marketplace.
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"