December is a month where our thoughts turn to Christmas holidays. As a result, it tends to be one of the slower months of the year in Kitchener Waterloo real estate. This December, there were 230 MLS sales in Kitchener Waterloo, down slightly from last December's total of 238. Continuing a trend that emerged in the fall, resale homes were higher and new home sales considerably lower. There were just 13 sales of new homes on MLS this December versus 38 in December 2010 while resale homes jumped to 217 from 200 year over year.
Of note, average prices for resale homes sold in December climbed to $285,130, up nearly 4% over last December's $275,190. The average days on the market for these sales was 46 versus 49 days in December 2010. Those buyers looking for bargain homes in Kitchener Waterloo were rewarded this December as they paid an average of 97.5% of the asking price. This was also down slightly over last December's 97.7%.
So are buyers or sellers in control of the Kitchener Waterloo real estate market? As we enter 2011, there are 847 active listings on MLS consisting of 231 new homes and 616 resales. Last year this time there were 760 active listings with 231 new or to be built and 535 resale properties. The supply of resale properties on MLS has climbed 15% year over year while new homes are virtually the same. If you're shopping for a new home, you may be able to find a bargain as there is approximately a 20 month supply based on December new home sales. On the resale side, there is roughly a 3 month supply of homes on MLS which means it remains a sellers market. However, MLS listings are up and sales are down so the trend watch is on!
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Century 21 Home Realty Inc. Brokerage
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