Results are in for Kitchener Waterloo real estate sales in October and prices are up while sales are down. So is the glass half empty or half full?
The pessimists will point to the decrease in sales from 522 last October to 443 this past month. This represents a decline of 15%.
For the optimists, there are plenty of positive signs in the local real estate market. Average sale prices in Kitchener Waterloo rose 11% year-over-year to $441,707. There was more good news for sellers as the average sale took just 23 days and this was 3 days faster than last October.
There's a glimmer of good news for buyers with increased selection as active listings sit at 735 this year versus just 570 last October. However, this represents less than a 2 month supply. Regular readers of this Kitchener Waterloo real estate blog will know that this is indicative of a seller's market.
So where do we go from here? The introduction of the B20 stress test for uninsured buyers takes effect January 1, 2018. I expect this will pull demand forward so I anticipate a busy finish to 2017.
Stay tuned for my post where I'll share my thoughts on what effect the B20 stress test will have on the Kitchener Waterloo real estate market.
In the meantime, if you have real estate questions, I'm happy to provide answers. You can reach me direct at 519-505-4488 or firstname.lastname@example.org.