Last month’s home sales in Kitchener-Waterloo decreased 14.2 percent compared to August 2022.
“For the first time in a decade we saw August’s home sales slip under the 600-unit mark. Home sales were softer than normal last month, which is not surprising given the current borrowing environment.”
M Bell, President of KWAR
August Sales Breakdown:
- 315 Detached Home Sales
- 134 Townhouse Sales
- 74 Condominium Sales
- 44 Semi-Detached Home Sales
The average sale price of all residential properties sold in August is up by 1.4% to $761,377 compared to August 2022.
Average Home Price:
- $884,390 Detached Homes
- $659,704 Townhomes
- $485,205 Apartment-Style Condominiums
- $669,044 Semis
It took an average of 19 days to sell a home in August, compared to 23 days in 2022. 1,094 homes were available for sale at the end of August, an increase of 7.6% compared to August of last year.
Market recap from the President of KWAR:
“Home buyers had the advantage of strong listing activity in August, which helped to provide a little more choice and temper prices…But affordability remains a top concern for many who are looking to get into the market and finding it a challenge to resolve what they want with what they can afford.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
