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
