The Kitchener-Waterloo Real Estate Board reports 375 sales in K-W for September 2009 which represents a 15% decline over the 441 sales reported in September 2008. Of note, the end of $0 down and 40 year amortization program was rapidly approaching in September 2008 and sales were artificially high as a result. The median price for September 2009 sales in K-W was a September record of $239,650. Currently, a seller's market continues with a low inventory of homes for sale representing approximately a 3 month supply.
So what does the near future hold? Sales in the 4th quarter of 2008 were sluggish as consumers struggled with the impact of the credit crisis. Barring any such external shocks to the system, I expect sales for the balance of 2009 to remain relatively strong. Pricing gains will be held in check as official unemployment continues to hover in the 10% range in Waterloo Region.
My next post will discuss the impact on Waterloo Region of the Perimeter Institute, the Centre for International Governance Innovation and the upcoming inaugural Quantum to Cosmos Science Festival.