Residential real estate sales in Kitchener Waterloo fell year-over-year with 330 recorded through the MLS this November and 367 in November 2010. However, much like October, the decline can be attributed to plummeting new home sales. Just 19 new homes sold in November 2011 through MLS versus 49 and 63 in the previous Novembers.
Resale homes sold in November homes totalled 311, down 2% from the 318 in November 2010. Aside from that, the results were very similar year-over-year. The average price of a home sold in November was $284,336, down just slightly from $284,662 last November. The average days on the market for November sales was 45 which was a slight improvement on November 2010's 46 days. Sellers received, on average, 97.4% of their asking price versus 97.5% last November.
The Kitchener Waterloo real estate market remains a sellers market. Active listings on MLS currently total 1296 with 423 new or to-be-built homes and 873 resales. Using November resales, we have less than a 3 month supply of homes for sale.
Where do I expect the local real estate market to go from here? Much like October, the answer is more of the same. New home builders will continue to struggle as buyers recognize better value in the resale market. Interest rates remain unbelievably low and local employment figures are relatively strong. This will continue to entice homebuyers into the market.
As always, please remember markets are local and every neighbourhood is different. For sellers, I'm available to advise and consult with you to review the market activity in your area. For buyers, feel free to contact me for assistance in choosing the right neighbourhood and type of home for you and your lifestyle. If you are relocating to Kitchener Waterloo and need assistance, I'll be happy to help. Feel free to call or email 519-505-4488 or email@example.com.
Century 21 Home Realty Inc. Brokerage
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