Much like December, there were a few bright spots in Kitchener Waterloo real estate in January. Preliminary residential MLS sales results show 235 properties sold in January 2013 versus 254 last January. New home sales sputtered with year-over-year results declining to just 10 from 25. Sales of resale or used homes held their own with 225 versus 229 in January 2012. Sellers received, on average, 97% of their asking price which was consistent with last years results.
So where were the bright spots? It took just 46 days on average to sell a property in January, down from 52 days last January. Average prices for resale homes rose to $301,415 up from $293,957. This represents an increase of approximately 2.5%.
Active listings on the Kitchener Waterloo MLS sit at 1116. Of these, 275 are new homes or to be built while 841 are resale properties. With less than a 4 month supply of resale homes, the current market slightly favours sellers, particularly below the average sale price. When we examine new home sales figures, we see there's enough resale inventory to moderate sales activity.
So what can we expect going forward? Barring a significant increase in the number of properties for sale, I see a balanced market in the coming months with prices relatively flat.
If you have real estate questions like "What's my home worth?" or "Should I buy first or sell first?", I'll be happy to help. Feel free to call, text or email 519-505-4488 firstname.lastname@example.org.
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"