Kitchener-Waterloo residential real estate continued to post solid gains year-over-year in December. A total of 242 properties sold through the Kitchener-Waterloo MLS in December, 2009 versus 172 in 2008 for an increase of 41%. Interestingly, the median sale price declined slightly to $264 848 compared to $265 858 in '08. The average days on the market for December was a healthy 45 days versus 56 days in 2008.
There are currently only 673 residential properties for sale in Kitchener-Waterloo. This indicates a sellers market as we have a less than a 3 month supply of homes for sale. I anticipate these levels will increase in the coming months as we head initially towards a balanced market.
My next post will examine sales result as a whole for 2009.