Despite the coldest February on record, Kitchener Waterloo real estate saw modest year-over-year gains. Kitchener Waterloo new home builders were the biggest beneficiary as 23 new homes were sold more than doubling the 11 last February. Resale homes were in a virtual dead heat as there were 289 happy home sellers this February versus 290 in 2014. Of note, the average days on market for February sales was a brisk 32 days.
Sale prices were flat as the median sale price was exactly the same as 2014 at $295,000. February 2014 average home sale prices were skewed by the sale of 5 million dollar luxury homes while there were none in 2015.
So where do we go from here? With 828 active resale listings, the sellers remain in charge with less than a 3 month supply of homes for sale. I anticipate an active Spring market buoyed by record low interest rates and pent up demand. Homes most in demand are in the $250,000-$350,000 range. Downtown Kitchener and Uptown Waterloo are in high demand as buyers seek out walkable neighbourhoods and the coming Light Rail Transit system dubbed the Ion.
Regular readers of this Kitchener Waterloo real estate blog will know that markets are local and market conditions can vary even from block to block. If you are curious about the current market value of your home, feel free to call, text or email Jeff Gingerich 519-505-4488 firstname.lastname@example.org.