As we enter 2015, the Kitchener Waterloo real estate market continues to see steady gains. December MLS sales of residential resale homes totalled 211 which was a 14% increase over last December. Average resale prices rose 3% year-over-year to $314,507.
Regular readers of this Kitchener Waterloo real estate blog will know I don't put too much stock in the results from a single month. Let's look at the big picture from 2014. Residential MLS resales came in at 4460, up 3.5% from 2013. The average price of a resale home rose 3.3% year-over-year to $323,035.
Why the focus on resales versus new home sales? In 2014, there were 220 new home sales. This represents less than 5% of MLS sales. The reality is that most Kitchener Waterloo homebuilders don't employ local Realtors. I'll leave that topic for another day.
The bigger question on people's minds is where do we go from here? The short answer is more of the same. Active residential resale listings on MLS total 655. With about a 3 month supply, the Kitchener Waterloo market remains a sellers market.
Many real estate markets across Canada have shifted to a balanced market and some are buyers markets. So what is different about Waterloo Region real estate? While it's hard to pinpoint, I would cite a resurgent downtown Kitchener leading a diverse and buoyant local economy. We've been able to attract businesses like Google which are fed by excellent post-secondary schools including the University of Waterloo.
Buying and selling real estate is complex and best handled with a Realtor by your side. For over 25 years, I've been helping Kitchener Waterloo home buyers and sellers achieve their goals. If you'd like help, feel free to call, text or email 519-505-4488 firstname.lastname@example.org.