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Market Updates

Kitchener – Waterloo real estate market recap: December 2019

By January 6, 2020No Comments

In December, home sales in Kitchener-Waterloo were up 1.6% compared to December 2018.

 

Overall, it was a steadfast pace of home sales in 2019…When annual home sales in Kitchener-Waterloo hit near 6000 transactions, I consider it to be a strong real estate market.

Colleen Koehler, President of KWAR

 

 

2019 Sales Breakdown:

  • 3,590 Detached Home Sales
  • 648 Condominium Sales
  • 421 Freehold Townhouse Sales
  • 1,266 Semi-Detached Home Sales

The average sale price of all residential properties sold in December increased by 18.7% to $566,866 compared to December 2018.

Average Home Price (2019):

  • $614,743 Detached Homes
  • $332,409 Apartment Style Condominiums
  • $409,979 Townhomes
  • $439,844 Semis

The median price of all residential properties sold in 2019 increased by 10.1% to $490,000.

The number of months of inventory averaged 1.5 throughout the year, hitting its highest point in May when there was 2.1 months of supply, and ending the year at 0.7 (3-4 months supply is historically normal for Waterloo region). The average days to sell in 2019 was 23 days, compared to 24 days in 2018 and a previous 10-year average of 38 days.”

Market recap from Colleen Koehler, President of KWAR:

In 2019, the lack of supply continued to be a hurdle for anyone who was trying to buy their first home, move-up from their current residence, or downsize. This ongoing state of the market caused further escalation of home prices in 2019. With interest rates expected to stay low in the year ahead combined with Waterloo region’s ongoing growthI expect 2020 will see more price gains alongside a steady increase in sales

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/2019-market-review

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