Last month’s home sales in Kitchener-Waterloo decreased by 8.1% compared to May 2023.
“May saw a dip in the number of sales across all categories, with condo apartments experiencing the largest drop. The Condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand.”
C Moura, President of KWAR
The average sale price of all residential properties sold in May was $818,507, down 0.3% from May 2023.
Average Home Price:
- $943,859 Detached Home
- $653,761 Townhome
- $459,260 Apartment-Style Condominium
- $699,780 Semi
It took an average of 16 days to sell a home in May, compared to 14 days in May 2023.
“This spring, we are witnessing a significant increase in the availability of apartment-style condos, with a record high number of units on the market. At the same time, we are observing a shift in demand away from smaller-sized condo units, potentially influenced by the higher interest rates impacting investor market activity for this property type.”
C Moura, President of KWAR
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
