Residential real estate sales in Kitchener Waterloo remained robust in 2010 with 4794 MLS sales. This represented a slight decrease over 2009 sales of 4913. Sales activity was particularly strong in the early months of 2010. Buyers and sellers scrambled to beat the introduction of the Harmonized Sales Tax on July 1st. Spring market activity was further heightened by the Bank of Canada raising interest rates and policy changes at CMHC. Strong demand was "pulled forward" and consequently the latter half of 2010 saw declines in year-over-year unit sales.
Regular readers of this blog will know I report monthly on Kitchener Waterloo sales. However, in a year-end review, it's worth noting if we include all the areas serviced by the K-W real estate board, sales in 2010 were the second highest total ever(trailing only 2007). We can attribute this to the rapid growth in Waterloo Region new home construction in places like Baden, New Hamburg, Wellesley and Elmira.
The big story of the year was prices. The median sale price for Kitchener Waterloo in 2010 rose to $260,000. This represents 6.5% increase over 2009's median price of $244,000. This came on the heels of a slight increase year-over-year in '08-'09. To give this some context, median prices in 2001 were $150,000, an increase of 73% in 9 years. I'll address this further in my next post which will look at how I expect the local residential real estate market to perform in 2011.
Should you have any questions, I'm happy to serve as your Kitchener Waterloo real estate resource...519-505-4488 or firstname.lastname@example.org.
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"