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.