While Florida saw snow in January, Kitchener-Waterloo received much less than normal. This relatively mild weather and continuing low interest rates led to an active residential real estate market in K-W in January. Preliminary sales through the K-W Real Estate Board indicate 290 residential sales. This represents a 34% increase over the 217 sales of January 2009 and is consistent with 2008 and 2007 results of 301 and 307 respectively. The average residential sale price in K-W for January 2010 was $283,996 and sellers were receiving, on average, 98% of their asking price. The average days on the market for sold properties was a sizzling 42 days versus 63 in 2009. Multiple offers were increasingly common particularly with those homes priced under $350 000.
Of note, active MLS residential listings have declined 26% to 918 from January 2009's total of 1240. This indicates a strong seller's market with only a 3 month supply of properties for sale. It's also good news for area homebuilders who can likely expect increased demand over the 32 new homes sold in January 2010 through MLS.
As always, for prudent real estate guidance, feel free to call or email.
Century 21 Home Realty Inc. Brokerage