Central air conditioning and swimming pools were popular features for Kitchener Waterloo buyers as 367 MLS properties changed hands during our July heat wave. Of these, 27 were new construction and 340 were resale or used homes. As detailed previously, we achieve a better understanding of the current market by looking at just resale homes. The 340 resale properties sold for an average of $294,310 which represented 97.8% of the asking price. These properties were on the market for 39 days on average.
How does this compare to July 2010? The 369 MLS sales last July are strikingly similar. The average sale price in July 2010 was $279,015 meaning this year's sales show a 5.5% increase. The average days on the market for July 2010 sales was 38 and the list price to sale price ratio was 97.6%.
So where do we go from here? Active residential MLS property listings total 1376 with 422 new homes and 954 resales. For resale properties, we have less than a 3 month supply meaning it remains a sellers market. Barring a substantial increase in the number of homes for sale, I anticipate healthy sales results through the end of 2011.
Remember that markets are local and the situation may differ from neighbourhood to neighbourhood. To find out what's going on in your area, feel free to call or email 519-505-4488 firstname.lastname@example.org
Century 21 Home Realty Inc. Brokerage
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