Kitchener Waterloo real estate sales for October remained on solid ground with 348 residential properties under contract through MLS. This represents a slight gain over October 2010's total of 345 sales. Resale homes were significantly higher with 342 sales versus 318 last October. Much like September, the real story is the precipitous decline of new home sales in Kitchener Waterloo. Kitchener Waterloo homebuilders sold just 6 new residential properties on MLS in October, down 78% from October 2010 and off a staggering 90% from October 2009.
Kitchener Waterloo sellers saw a resale property on MLS take just 40 days to sell on average last month. This is down slightly from the 42 day average in 2010. The average sale price dipped this October to $281,318 from the lofty October 2010 average of $292,445. Contributing to this were lower sales in the $500,000+ price category with 11 this October versus 18 in October 2010. October sellers received 97.7% of their asking price on average versus 96.8% last October.
The number of properties for sale on MLS in Kitchener Waterloo remains relatively low at 1441. Of these, 432 are new homes and 1009 are resales. Using October's sales, we remain in a seller's market with approximately a 3 month supply of resale properties.
So with the beautiful fall colours and sunshine behind us, where do we go from here? I expect more of the same. However, if you are looking for bargains, I would anticipate plenty of options, incentives and extras with new homes. In the resale market, with less than 1 in 10 properties in the $500,000+ category selling, buyers are gaining traction. In short, it's a great time to be a first time home seller, a move up buyer or relocating to Kitchener Waterloo!
As always, markets are local and conditions can change from neighbourhood to neighbourhood and even from street to street. For sound advice on your real estate needs, feel free to email or call email@example.com 519-505-4488.
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"