While questions about Dubai's ability to repay debt were swirling internationally, the improving local economy contributed to lighter power of sale activity in Kitchener-Waterloo at year's end. Active residential MLS listings under power of sale with the K-W Real Estate Board as of January 15th totalled only 5. All were located in Kitchener and the average asking price was $224,560.
December was an uncharacteristically busy month in local real estate and power of sales were no exception. During the month, we saw 7 MLS properties sold under power of sale at an average sale price of $203,500. Of these, 5 were in Kitchener and 2 in Waterloo. The average days on the market for these sales was just 34 days.
What does all this mean? The seller's market has to date allowed for the absorption of these properties in short order. Recent power of sale activity has been confined to properties under $225,000. Keep an eye out for January numbers as lenders traditionally wait until after the holiday season to tell defaulting borrowers to vacate.
My next few posts will examine issues related to our aging population. Are we ready? What can we do to prepare?
Century 21 Home Realty Inc. Brokerage