Regular readers of this blog will know by now that this monthly update is designed to answer the frequently asked question "How's the market?". The residential real estate market in Kitchener Waterloo continues to be a sellers market. Active residential listings on the K-W MLS at the end of October stood at 1251. Of this total, 403 were new homes and 848 were resale properties.
Residential MLS sales in October totalled 339 which represented a 24% decline over last year's results of 444. The average sale price for October sales was $287,678 which represents an increase of 10% over October 2009. The average days on the market for October sales was 47 versus 44 days in October '09. Interestingly, the average list price to sale price ratio declined to 97% from 98% in October 2009. This ratio has been in the 98% range for a considerable time and this bears watching to see if a trend develops.
Unfortunately the good news in the resale market did not extend to new home sales. It appears the introduction of the Harmonized Sales Tax in Ontario has hampered new home builders as only 27 new homes were sold through the K-W MLS in October versus 58 in October 2009. This represents a decline of 53% and is also well off October totals in '08 and '07 of 48 and 49 respectively. Note not all builders list their homes on MLS. At October's level of sales, there is nearly a 15 month supply of new homes on MLS alone.
For an update on the market value of your home, feel free to contact me at firstname.lastname@example.org or 519-505-4488.
Century 21 Home Realty Inc. Brokerage