Million dollar residential sales have set a record in Kitchener Waterloo in 2010. Luxury home sales over $1 million dollars on the Kitchener-Waterloo Multiple Listing Service have surged to 9 year-to-date. The average price of these sales is $1,481,444 and the average days on market is 100 days versus a brisk 37 days for the broader market. Sellers of these homes have received, on average, 90% of their asking price. Of note, 1 was new and 8 were resale homes with 5 in Waterloo and 4 in Kitchener. For perspective, million dollar residential sales were a rarity until 2006. In fact, between 2002 and 2004, there was not a single home sold on MLS in K-W over $1 million. The previous high for these sales was 7 in 2008.
Pictured above is the most recent sale of a million dollar property. This 2 year old home is located in the exclusive Hidden Valley area of Kitchener and provides a million dollar view overlooking the Grand River valley. It's set on a .74 acre lot and features 4000 sq ft plus a finished walkout basement. The list price was $1,349,000.
For those searching for a million dollar luxury home in Kitchener or Waterloo, there remains a good selection. There are currently 25 properties for sale of which 12 are brand new or to be built and 13 are resale. The average asking price is $1,564,848 and average square footage is 4399. That equals an asking price of $343/sq ft.
If selling a million dollar luxury home is on your to-do list, feel free to call or email 519-505-4488 jeff.gingerich@century21.ca I'll be happy to review our Century 21 Fine Homes and Estates marketing system.
Jeff Gingerich
Sales Representative
Century 21 Home Realty Inc. Brokerage
Office: 519-570-4663
Direct: 519-505-4488
http://JeffGingerich.com
"Delivering results since 1989"