Sales of Kitchener Waterloo luxury homes slowed dramatically in the first quarter of 2013 as there were just 2 homes that sold for $1 million or more on the Kitchener Waterloo MLS. For comparison, in the first quarter of 2012, there were 5 sales.
Year-to-date, luxury home sellers received, on average, just 86% of their asking price versus 94% last year.
The average sale price for these homes declined to $1.25 million from $1.38 milion last year.
It took, on average, 146 days to put up the sold sign compared with just 66 days in the first quarter of 2012.
To summarize: Sales are down, sellers are getting less and it's taking over twice as long to sell.
Selling a million dollar home in a buyers market requires expertise. Century 21 Fine Homes & Estates is internationally recognized as an expert in luxury real estate. If you have questions about selling in the Kitchener Waterloo luxury home market, I'll be happy to consult with you. Feel free to call, text or email 519-505-4488 firstname.lastname@example.org.
Century 21 Home Realty Inc.
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