Preliminary sales figures indicate that 2008 sales were the 3rd highest on record for the K-W Real Estate Board. The 4966 sales trailed record-setting totals for 2007 with 5546, a decline of approx. 10%. The sales for 2008 were more in line with the 2005 and 2006 sales of 4988 and 4905 respectively.
Of note, the 4th quarter sales from Oct. 1-Dec. 31, 2008 were 766 compared with 1035 for the same period in 2007. This represents a decline of approx. 26%. To put these results in perspective, one has to go back to the 4th quarter of 2000 to find lower results of 677 sales. The primary reason for this decline was the government's decision to end purchases with no money down and accompanying mortgages with 40 year amortizations. The local market has since shifted from a strong seller's market to a buyer's market.
Check back to see my 2009 K-W Residential Real Estate Forecast.