There are days in real estate and in life where you come across things that just don't sit well. I usually try and think things through but sometimes I still end up like the photo above...puzzled. I found this gem while searching MLS for suitable properties for a buyer client.
I was equally puzzled by an article in today's National Post entitled "Variable May No Longer Win". In it, the columnist leads with the following: "Not that there are a lot of people buying houses these days..." The article is a discussion about the merits of variable rate versus fixed mortgages. It seems the columnist felt compelled to offer his opinion on the current real estate market as there was no support offered by any sources or statistics. As I've noticed many people buying locally this month including those relocating, I'm here to set the record straight.
The local Kitchener Waterloo real estate market continues to be a healthy seller's market. Active MLS listings currently reflect a 3 month supply of properties for sale. For the period July 1-21, there were 255 MLS sales versus 315 for the corresponding period last year. This represents a 19% decrease. This is really the only negative in a sea of positive news. The average days on market for these sales was only 38 days compared with 45 last year. The average list price to sale price was 97.7% down slightly over the 97.9% last year. The average sale price was $287, 387 which was up a modest 3.6% over last year's $277, 329.
So there you have it...don't believe everything you read. Kitchener Waterloo buyers are still frustrated by the lack of properties for sale but heartened by the low interest rates. Local sellers asking a reasonable price will still sell within a relatively short period of time.
For market data you can rely on, feel free to contact me firstname.lastname@example.org 519-505-4488
Century 21 Home Realty Inc. Brokerage