Kitchener Waterloo Real Estate Update

Much like making wine, cooler weather brings a change in real estate sales in Kitchener Waterloo and this November was no exception.  For the month, there were 323 residential properties sold on MLS in Kitchener Waterloo.  Of these, 308 were used or resale homes while 15 were brand new or to be built.  These results represent a 10% decline from the 340 resales last November while new home sales dipped slightly from 18 to 15.  The average sale price for resale homes rose 2% to $305,360 from $299,105 year-over-year.

There was some other good news for sellers.  On average, successful sellers received 97.5% of their asking price and it took 41 days for the sold sign to appear.  These are both an improvement from last November at 97.2% and 48 days on average.

Active residential properties for sale in Kitchener Waterloo sit at 1245 consisting of 374 new homes and 871 resales.  For comparison, there were 1296 residential properties on MLS at the end of November 2012.

So what does it all mean?  Regular readers of this real estate blog will know not to put too much stock in the results of one month.  Year-over-year residential sales rose in September and declined in October and November.  If I had to pinpoint one factor, I would cite the company formerly known as Research In Motion.   Blackberry has gone from employing 16,000(many of them locally) to 7,000 within the past year.  The bulk of those job losses came in October and coincided with the cooling of the local real estate market.

So where do we go from here?  The Christmas season typically means holiday shopping and not house shopping.  With fewer buyers in the real estate marketplace, buyers are able to drive a hard bargain.  Sellers strongly motivated to sell will accept this market reality while those who simply want to sell can afford to be patient and wait for greater market activity.

As always, remember markets are local and things may be better or worse in your area.  If you'd like a highest price analysis for your home, feel free to call, text or email 519-505-4488 jeff.gingerich@century21.ca.          

 

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Jeff Gingerich

Jeff Gingerich

Sales Representative
CENTURY 21 Home Realty Inc., Brokerage*
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