The 4 month trend showing year-over-year monthly declines was broken in September as the 371 residential MLS sales in K-W were virtually identical to September 2009 results of 369. The average days on market for September sales was 43 versus 41 in September '09. The list-to-sale price ratio was 98% off slightly from the 98.2% a year earlier. The median sale price rose to $260,000, an increase of 7% over September, 2009 results of $242,900. The median means half of the remaining sales were higher and half were lower.
Why not use the average price? The home pictured above is located in the prestigious Hidden Valley area and sold in September. It was listed for $1,695,000 while the highest sale in September '09 was $745,000. This example illustrates that if the proportion of high-priced homes is greater in a given month, it can artificially raise the average price and distort reality.
The end of the third quarter saw year-to-date unit sales through MLS in K-W total 3839. This represents a slight 1% increase over 2009's 3814 units. Active MLS residential listings are currently at 1246 consisting of 897 resales and 346 new homes. This represents slightly more than a 3 month supply indicating a sellers market remains in place.
What can we expect in the coming month? October 2009 was an extremely busy month with 442 sales. I expect this October will see residential MLS sales in the range of 320. What will account for the decline? October is a municipal election month and with candidates signs all over lawns in K-W, the impact of the for sale signs diminish.
Nonetheless, there are people buying and selling real estate this month in Kitchener-Waterloo. If you are one of them and need assistance, I'll be happy to help. Feel free to contact me at 519-505-4488 or firstname.lastname@example.org.
Century 21 Home Realty Inc. Brokerage
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