As anyone who tried to buy a home in March will tell you, Kitchener Waterloo real estate remains a seller's market. Residential MLS sales in March totalled 482 with 33 new and 449 resales. New homes sales were resurgent as the 33 sales represented an 8% drop over the 36 sold in March 2011. This is good news for Kitchener Waterloo homebuilders as regular readers will know that new home sales had dropped substantially within the previous year.
On the resale side, the good news continued as Kitchener Waterloo prices appreciated 3% year-over-year to an average of $298,624 and the number of sales climbed 6%. Of note, Kitchener Waterloo sellers received 98.1% of their asking price and it took 36 days to sell in March on average. Bidding wars that captured media attention in Toronto were the exception locally.
Currently, there are just 1394 active residential MLS listings in Kitchener Waterloo. Of these, 415 are new or to-be-built and 979 are resale properties. Until we see the supply increase, expect that Kitchener Waterloo real estate will remain a seller's market.
Century 21 Home Realty Inc. Brokerage
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