Preliminary figures from the Kitchener-Waterloo Real Estate Board show residential unit sales in January 2009 totalled 217. This figure represents a decline of approx. 28% from January 2008's total of 301. Active residential listings in Kitchener-Waterloo total 1240 or almost a 6 month supply. This would indicate a buyer's market.
However, to put our local real estate market in the proper perspective, one needs to delve a bit deeper. In January, 2009, 173 units or 80% of residential sales were under $300 000. Active listings under $300 000 total 732. If we look only at resale(used) homes, active listings are at 575 indicating approx. a 3-4 month supply. This suggests a seller's market in this price range.
The buyer's market appears to have taken hold in the $300 000+ range. This group accounted for 44 units or 20% of sales in K-W in January 2009. Current active listings total 488 homes. If we take out active new home listings(which may or may not be built), we still have 346 active listings in this group which equals approx. an 8 month supply.
This oversupply of resale homes contributed to a drop in new home sales in January, 2009 to 4 units over $300 000 versus 14 in January 2008, a decline of more than 70%. New home sales under $300 000 declined only slightly from 17 in January, 2008 to 16 in January, 2009.
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