Much like the photo, Kitchener Waterloo real estate ended 2012 on a down note with a few bright spots. Residential MLS sales in Kitchener Waterloo totalled just 188 versus 231 in December 2011 for a decline of 19%. Sellers received, on average, 96% of their asking price, down from 97% last December. On average, it took 55 days to put up the sold sign versus 48 last year.
So where are the bright spots? The median price for December sales rose nearly 5% from $268,500 to $281,000. Mortgage interest rates remain in the range of 3% for 5 years and 4% for a 10 year term. Housing starts in Kitchener Waterloo rose from just 105 in December 2011 to 278 this December. As new homes are a leading indicator, this certainly bodes well for 2013.
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My next post will look at what we can reasonably expect in the Kitchener Waterloo real estate market in 2013.
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