The Fall real estate market in Kitchener Waterloo lived up to its name in September as just 328 residential MLS sales were recorded. Of these, 23 were new or to be built properties and 305 were resales. New home sales in Kitchener Waterloo were up slightly over last September while resales were off by nearly 13%. Successful sellers received, on average, 97.3% of their asking price versus 97.5% in September 2011. It took, on average, an extra week to sell a property this September with days on the market rising to 47. There was one silver lining for local sellers. The median sale price for resale homes in September climbed to $280,470, up nearly 6% from last September.
Of note, the number of Kitchener Waterloo properties sold on MLS in September was the lowest total recorded in 10 years. Year-to-date residential sales in K-W sit at 3629 and this is the second lowest year-to-date total since 2003. The median price year to date rose to $280,100, up from $270,000 one year ago.
Active listings on the Kitchener Waterloo MLS sit at 1731. Of these, 1186 are resale properties while 545 are new or to be built. Based on September resales, there is nearly a 4 month supply of resale homes currently. As regular readers will know, inventory of resale homes has been climbing in the past few months.
Isaac Asimov is credited with saying "The only constant is change". Over the past 13 years, we've seen nearly uninterrupted growth in Kitchener Waterloo real estate prices. Now the market is changing. The local real estate market is transitioning to a balanced market. In this market, there are an equal number of buyers and sellers and price growth is muted. Buyers currently have more options than they've had in many years and, by all indications, this will continue. As well, CMHC regulatory mortgage changes are seeing an increasing number of buyers denied mortgage financing that would have been allowed under the former rules.
In uncertains times, it pays to hire an experienced and proven Realtor. When you hire me as your Realtor, you get the experience of over 23 years in real estate and the results hundreds of satisfied clients have enjoyed. Feel free to call or email to discuss your real estate needs 519-505-4488 firstname.lastname@example.org.
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