The average sale price of all residential properties sold in Kitchener-Waterloo and area held steady at almost $266,000, down only slightly from last month's average of $267,500 and up from last year's overall average of nearly $248,900. Industry experts from RE/MAX and CMHC predicted average price increases of 5 and 6.2 percent respectively for 2008. Year-to-date average sale prices for all residential properties sold through the Kitchener Waterloo Real Estate Board are up 6.7 percent to $265,500.
While sales results were mixed depending on the particular price range, demand for higher priced homes remained buoyant in August, with sales of properties in the $400,000-plus jumping 26 percent.
Karen Shartun, President of the Kitchener Waterloo Real Estate Board says, "Properties in lower price ranges experienced a more general decline in sales. For example, the number of homes selling for between $200,000 - $225,000 were down almost 50 percent." This sounds like a decline, but not really... Properties in these lower price ranges have increased in value and are now selling in higher price ranges. Buyers at or around the $200,000 mark are becoming increasingly frustrated with the lack of decent product at this price point. Multiple offers and "bidding wars" remain common in this market.
The summer is traditionally a slower real estate market while buyers, sellers and agents are distracted vacations and other summer activities. Fall is a great time to be in the market for both buyers and sellers, second only to the Spring Market. More sales activity means faster sales for sellers and more properties to choose from for buyers.
If you want to get moved this year or early next year, now is the time to get the ball rolling. Give me a call or send me an email. I'm never too busy for your business or referrals.
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