The beginning of 2010 has brought about increased residential power of sale activity in Kitchener-Waterloo. As of February 15th, there were 11 properties listed on MLS on the Kitchener-Waterloo Real Estate Board under power of sale. This marks a significant increase over the 5 power of sale properties active on January 15th. The median asking price was $249,900 and the average days on the market was 32. Of note, 2 properties were in Waterloo and 9 in Kitchener. In a trend that bears watching, the Toronto Dominion Bank had 36% of the active power of sale listings.
January MLS sales in Kitchener-Waterloo produced near-record numbers. Listings sold under power of sale totalled 8 versus 7 in December '09. Of these, 7 were in Kitchener and 1 in Waterloo. The average sale price was $225,125 and the average days on the market was 32. These numbers were fairly consistent with December results. The property pictured above is the popular Kaufman Lofts building on King St. in Kitchener. A power of sale unit sold in January after 26 days on the market and for $2500 above the asking price!
What can we expect to see in coming months? Power of sale activity is clearly on the upswing. The continued strong demand in the residential market will see these properties absorbed relatively easily in the first half of the year. It may be a different story come summer and fall so stay tuned for further updates.
If you have any questions about power of sales, feel free to call or email.
Century 21 Home Realty Inc. Brokerage