It has been a very busy and interesting fall Real Estate season, and I thought I would update the public of some of the happenings in our local market!
Once again we saw record-setting sales numbers for the month of October and November throughout Ontario. In fact, the Kitchener/Waterloo market saw higher number of house sales this past November, then it has seen in the past 5 years (in the same month). Strong sales growth has occurred across many property types but the main driving force has been the “first time buyer” with the most activity being in the $230,000 - $350,000 price range. Interestingly enough, November saw a 233% increase (compared to November 2008) and a 67% increase compared to last month) in the number of sales of higher priced homes, between $350,000 - $500,000. Listing inventory remained at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market.
“While we’re not getting excited about the increase from this time a year ago, it is a little surprising to see sales as strong as they were in November. Buyers continue to take advantage of low interest rates, and are showing their confidence in the local market, “says Kitchener/Waterloo Real Estate Board President Ted Scharf. “Given the strong demand for homes we’ve seen these last few months, the active summer and the strong spring, I think it’s safe to say that whatever pinch we were feeling in the real estate market as a result of the recession has ended.”
Flav Onsen
Sales Representative
Royal LePage Wolle Realty