Real estate sales in Kitchener-Waterloo continued a strong surge as April's 539 residential MLS sales represented an 11%increase over the 487 sales in April 2009. The average sale price of $285,643 spiked nearly 10% over last April's average of $259,802. The market still favours sellers as they received, on average, 98.7% of their asking price. The average days on market was 37 for April MLS sales in K-W versus 53 days in April '09. Of note, unit sales in K-W still lagged the 573 and 591 units recorded in April 2008 and 2007 respectively.
Active residential MLS listings continued at low levels as the end of April saw 1129 versus the 1578 at the end of April, 2009. It is my expectation that by fall, we'll see increased inventory and fewer buyers creating a more balanced market. In recent months, we have experienced a robust market with unsustainable levels of sales and prices. I expect the introduction of the Harmonized Sales Tax in Ontario and a pending rise in the Bank of Canada rate will temper demand for the balance of the year. It is my opinion that it is more important than ever to have an agent representing you, looking out for your best interests and advising you on stategies for the coming changes in the market.
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Century 21 Home Realty Inc. Brokerage