Last month’s home sales in Kitchener-Waterloo decreased 45.0 percent compared to February 2022.
“Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.”
M Bell, President of KWAR
February Sales Breakdown:
- 256 Detached Home Sales
- 100 Townhouse Sales
- 55 Condominium Sales
- 28 Semi-Detached Home Sales
The average sale price of all residential properties sold in February is down by 25.1% to $758,698 compared to February 2022.
Average Home Price:
- $877,884 Detached Homes
- $642,777 Townhomes
- $461,322 Apartment-Style Condominiums
- $667,250 Semis
It took an average of 20 days to sell a home in February, compared to 8 days in 2022. 692 homes were available for sale at the end of February, an increase of 75.2% compared to February of last year.
Market recap from the President of KWAR:
“Limited supply and the small number of listings coming to the market continues to be a trend within the region…There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
