December is traditionally one of the slower months for real estate sales and this December was no exception. Residential sales through the Kitchener-Waterloo MLS totalled 238 versus 245 in December, 2009. This represents a decline of about 3%. It also took a bit longer to sell a home this December as the average days on the market was 53 compared to 45 last year. However, successful sellers received, on average, 98.5% of their asking price versus 98.3% last December. One final bit of good news for December sellers was the average sale price increased year-over-year from $264,285 to $277,483 or nearly 5%.
The local residential real estate market in Kitchener Waterloo remains a seller's market. Active MLS listings total only 760 with 225 new and 535 resale homes. If we strip out new homes which generally aren't built until there's a buyer, there's currently less than a 3 month supply of homes for sale. With mild weather, a lack of snow and relatively few options for buyers, I expect the local home builders to be busy as we start the new year.
For sellers, you may want to consider getting a jump on the competition and putting your home on the market now. Many sellers wait until spring and run the risk of getting lost in the crowd. The exceptions are those homes that require warmer weather to properly display their features ie) pool, deck, landscaping etc. If you're unsure what the best time to sell your home is, I'll be happy to consult with you to develop a successful selling strategy.
For buyers, a bit of patience is required. At our initial consultation, I explain to buyers that the current market may present challenges in finding the right home depending on their needs. We share a laugh when I tell them they'll be tired of me long before I'm tired of them. However, the results speak for themselves. One of my clients purchased a home in December for 91.6% of the asking price following a 3 month search. Current buyers are finding the buying process takes longer than they initially thought. As an experienced Realtor, I can guide you through the ups and downs and help you find value in the current market.
If you'd like a free, no obligation consultation to discuss your real estate needs, I can be reached at 519-505-4488 or firstname.lastname@example.org
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"