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.