Regular readers of this real estate blog will know that the hot topic in my travels as a Kitchener Waterloo Realtor is "How's the market?" I have good news for those selling a Kitchener Waterloo home as the local market remains a sellers market. In October, 2013, the local market saw a 9% decline in the number of residential MLS sales over last October. Both new home sales and resales accounted for the decline. New home sales on MLS went from 14 last October to 9 this October while resales declined to 330 from 360.
However, the bad news ends there as average prices in Kitchener Waterloo climbed 2% year-over-year to $303,899. The average home sold took just 38 days this October versus 46 in October, 2012. Sellers received, on average, 97.6% of their asking price which was .5% better than last October.
So where do we go from here? As I've identified previously, active listings on MLS are the key metric. Currently, there are 1372 properties for sale consisting of 360 new or to-be-built homes and 1012 resales. This time last year, there were 1559 active MLS listings. A decline of 12% in active listings has resulted in a stronger real estate market this fall in Kitchener Waterloo. There is currently just a 3 month supply of resale homes based on October resale numbers.
Stay tuned for my next real estate blog post about Kitchener Waterloo real estate. In it, I'll discuss the likely impact of the troubles at Blackberry.
If you need sound advice or 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.