Real Appeal

Last month’s home sales in Kitchener-Waterloo decreased 10.9 percent compared to May 2022.

“The spring market is in full swing with robust buyer and listing activity observed in May. It’s encouraging to witness a significant uptick in listing activity compared to April, and we remain optimistic that this positive momentum will carry into June. However, it’s worth noting that the number of listings being added to the MLS® System continues to be historically low.”

M Bell, President of KWAR

May Sales Breakdown:

• 463 Detached Home Sales
• 133 Townhouse Sales
• 123 Condominium Sales
• 67 Semi-Detached Home Sales

The average sale price of all residential properties sold in May is down by 5.6% to $821,828 compared to May 2022.

Average Home Price:

• $964,130 Detached Homes
• $697,551 Townhomes
• $482,926 Apartment-Style Condominiums
• $726,702 Semis

It took an average of 15 days to sell a home in May, compared to 11 days in 2022. 900 homes were available for sale at the end of May, a decrease of 24.9% compared to May of last year.

Market recap from the President of KWAR:

“Waterloo Region properties remain in high demand, driven by our diverse economy and the desirability of our community, we continue to be in a seller’s market…With limited inventory and a relatively low number of new listings being added to the MLS® system, buyers face intensified competition while sellers receive increasingly competitive offers.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 22.0 percent compared to April 2022.

“The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year…However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.”

M Bell, President of KWAR

April Sales Breakdown:

• 404 Detached Home Sales
• 119 Townhouse Sales
• 95 Condominium Sales
• 51 Semi-Detached Home Sales

The average sale price of all residential properties sold in April is down by 11.9% to $797,716 compared to April 2022.

Average Home Price:

• $925,219 Detached Homes
• $664,519 Townhomes
• $488,971 Apartment-Style Condominiums
• $686,792 Semis

It took an average of 16 days to sell a home in April, compared to 9 days in 2022. 703 homes were available for sale at the end of April, a decrease of 25.9% compared to April of last year.

Market recap from the President of KWAR:

“Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily. Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 38.4 percent compared to March 2022.

“Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month…With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.”

M Bell, President of KWAR

March Sales Breakdown:

• 356 Detached Home Sales
• 126 Townhouse Sales
• 86 Condominium Sales
• 42 Semi-Detached Home Sales

The average sale price of all residential properties sold in March is down by 18.6% to $779,017 compared to March 2022.

Average Home Price:

• $910,152 Detached Homes
• $640,484 Townhomes
• $482,882 Apartment-Style Condominiums
• $700,208 Semis

It took an average of 19 days to sell a home in March, compared to 8 days in 2022. 716 homes were available for sale at the end of March, an increase of 17.2% compared to March of last year.

Market recap from the President of KWAR:

“This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon.

These and other shifting influences mean it has never been more important for buyers and sellers alike to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 45.0 percent compared to February 2022.

“Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.”

M Bell, President of KWAR

February Sales Breakdown:

• 256 Detached Home Sales
• 100 Townhouse Sales
• 55 Condominium Sales
• 28 Semi-Detached Home Sales

The average sale price of all residential properties sold in February is down by 25.1% to $758,698 compared to February 2022.

Average Home Price:

• $877,884 Detached Homes
• $642,777 Townhomes
• $461,322 Apartment-Style Condominiums
• $667,250 Semis

It took an average of 20 days to sell a home in February, compared to 8 days in 2022. 692 homes were available for sale at the end of February, an increase of 75.2% compared to February of last year.

Market recap from the President of KWAR:

“Limited supply and the small number of listings coming to the market continues to be a trend within the region…There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 41.9 percent compared to January 2022.

“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade…Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”

M Bell, President of KWAR

January Sales Breakdown:

• 176 Detached Home Sales
• 61 Townhouse Sales
• 43 Condominium Sales
• 17 Semi-Detached Home Sales

The average sale price of all residential properties sold in January is down by 20.1% to $764,063 compared to January 2022.

Average Home Price:

• $888,487 Detached Homes
• $625,831 Townhomes
• $495,753 Apartment-Style Condominiums
• $650,588 Semis

It took an average of 25 days to sell a home in January, compared to 9 days in 2022. 651 homes were available for sale at the end of January, an increase of 167.9% compared to January of last year.

Market recap from the President of KWAR:

“The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region. While there are still some, it is nowhere like it was last January. These and other shifting influences mean it has never been more important for buyers and sellers to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 38.7 percent compared to December 2021.

“The number of homes sold in December was lower than any single month in well over a decade, marking an end to a turbulent year for home sales in Waterloo Region.”

M Bell, President of KWAR

December Sales Breakdown:

• 166 Detached Home Sales
• 33 Condominium Sales
• 56 Semi-Detached Home Sales
• 25 Townhouse Sales

The average sale price of all residential properties sold in December is down by 15.5% to $720,596 compared to December 2021.

Average Home Price:

• $825,450 Detached Homes
• $609,154 Townhomes
• $460,994 Apartment-Style Condominiums
• $616,671 Semis

It took an average of 25 days to sell a home in December, compared to 11 days in 2021. 575 homes were available for sale at the end of December, an increase of 329.1% compared to December of last year.

Market recap from the President of KWAR:

“After home prices crossed the million-dollar threshold in February of 2022, we close out the year with average and benchmark prices back to where they were prior to them surging in early 2021.

It’s clear that the decline in sale prices has been a direct response to the successive interest rate hikes by the Bank of Canada throughout the past several months, however, with interest rates predicted to stabilize, we should see a steadier market in 2023.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 43.7 percent compared to November 2021.

“Home sales continued to decrease in November, as they traditionally do at this time of year. At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”

M Bell, President of KWAR

November Sales Breakdown:

• 280 Detached Home Sales
• 58 Condominium Sales
• 37 Semi-Detached Home Sales
• 78 Townhouse Sales

The average sale price of all residential properties sold in November is down by 10.4% to $736,024 compared to November 2021.

Average Home Price:

• $838,609 Detached Homes
• $618,669 Townhomes
• $458,384 Apartment-Style Condominiums
• $642,328 Semis

It took an average of 21 days to sell a home in November, compared to 10 days in 2021. 860 homes were available for sale at the end of November, an increase of 209.4% compared to November of last year.

Market recap from the President of KWAR:

“It has never been more important for both buyers and sellers to work with a REALTOR® to help provide expertise during the homebuying and selling process. Affordability, combined with ongoing supply constraints, are making it difficult for buyers to navigate the continuous market changes while sellers are also having to adjust in concurrence with the evolving circumstances.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 39.7 percent compared to October 2021.

“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September.

Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”

M Bell, President of KWAR

October Sales Breakdown:

• 310 Detached Home Sales
• 64 Condominium Sales
• 31 Semi-Detached Home Sales
• 84 Townhouse Sales

The average sale price of all residential properties sold in October is down by 8.4% to $763,630 compared to October 2021.

Average Home Price:

• $860,568 Detached Homes
• $488,277 Apartment-Style Condominiums
• $635,197 Townhomes
• $624,999 Semis

It took an average of 22 days to sell a home in October, compared to 10 days in 2021. 928 homes were available for sale at the end of October, an increase of 134.9% compared to October of last year.

Market recap from the President of KWAR:

“While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country.

Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 25.3 percent compared to September 2021.

“Home sales continued to decline in the wake of yet another interest rate hike by the Bank of Canada last month…The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs.”

M Bell, President of KWAR

September Sales Breakdown:

• 313 Detached Home Sales
• 60 Condominium Sales
• 51 Semi-Detached Home Sales
• 94 Townhouse Sales

The average sale price of all residential properties sold in September is down by 4.7% to $752,421 compared to September 2021.

Average Home Price:

• $862,435 Detached Homes
• $455,262 Apartment-Style Condominiums
• $638,284 Townhomes
• $637,205 Semis

It took an average of 23 days to sell a home in September, compared to 10 days in 2021. 978 homes were available for sale at the end of September, an increase of 108.5% compared to September of last year.

Market recap from the President of KWAR:

“While sales were down last month, we seem to be moving towards a more balanced market; buyers now have more inventory to choose from, yet sellers can still expect their properties to sell within a reasonable timeframe. We’re also observing that sale prices are shifting closer to the asking price”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 8.1 percent compared to August 2021.

“While the number of homes sold in August was down on a year-over-year basis they were up almost 19 per cent compared to July…The decline was most pronounced in the apartment-style condo and townhouse categories which could indicate that rising borrowing costs are having a greater impact on first-time buyers and those looking for more affordable options.”

M Bell, President of KWAR

August Sales Breakdown:

• 413 Detached Home Sales
• 68 Condominium Sales
• 61 Semi-Detached Home Sales
• 117 Townhouse Sales

The average sale price of all residential properties sold in August is down by 0.4% to $750,849 compared to August 2021.

Average Home Price:

• $851,654 Detached Homes
• $464,959 Apartment-Style Condominiums
• $610,725 Townhomes
• $655,813 Semis

It took an average of 22 days to sell a home in August, compared to 12 days in 2021. 1,003 homes were available for sale at the end of August, an increase of 188.2% compared to August of last year.

Market recap from the President of KWAR:

“We see signs that the market is moving towards more buyer-friendly conditions. REALTORS® are reporting fewer multiple offers resulting in final sale prices being closer to the asking price or with more conditions accompanying offers. Even so, with inventory still very tight, Waterloo region remains a seller’s market.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates