Whether you call it November or Movember, sales surprised on the high side in Kitchener Waterloo real estate last month. Preliminary results show 351 residential MLS sales for the month, up nearly 7% over November 2011. Resale properties accounted entirely for the upswing as new home sales were identical to 2011 with 18. The average price was $299,207, up year-over-year over 5%. Sellers received, on average, 97.2% of their asking price this November versus 97.4% last November. It took 48 days on average to sell a property in 2012, up sliightly from 45 days in November 2011.
There are currently 1296 residential properties for sale on the Kitchener Waterloo MLS. Of these, 373 are new and 923 are resales properties. Interestingly, at the same time last year, there were 1296 active MLS properties with 423 new and 873 resales. Based on December 2011 resale numbers, we have about a 4 month supply of properties for sale. Bear in mind, December is traditionally one of the slowest months for real estate in Kitchener Waterloo.
Year-to-date, residential MLS sales in Kitchener Waterloo are almost identical to 2011 with 4355 versus 4348.
So where do we go from here and what advice do i have for buyers and sellers? I expect December residential MLS sales will be similar to last year in the range of 225 to 250. For buyers, December represents an opportunity to score a bargain as fewer people are actively shopping in the marketplace. For sellers, if you have to sell, be prepared to negotiate as it's an unfortunate fact of real estate that your property is generally worth less in December than it was in April. If you don't have to sell, be patient as demand typically ramps up in February.
As always, remember real estate markets are local and conditons may be better or worse in your neighbourhood. For real estate advice you can count on, feel free to contact me jeff.gingerich@century 21.ca or 519-505-4488.
Century 21 Home Realty Inc. Brokerage
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