“January home sales snowed under by low inventory.”
270 residential properties were sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS). A decrease of 18 percent compared to January 2017.
“On the surface, activity appears to be somewhat sluggish in January…However if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.”
Tony Schmidt, President of KWAR
January Sales Breakdown:
- 149 Detached Home Sales
- 70 Condominium Sales
- 27 Semi-Detached Home Sales
- 22 Freehold Townhouse Sales
The average price of all residential properties sold in January increased 9 percent to $458,750 compared to January 2017.
Average Home Price:
- $554,857 Detached Homes
- $246,821 Apartment Style Condominiums
- $371,095 Townhomes
- $388,974 Semis
The median price of all residential properties sold in January increased 6.8 percent to $431,143.
Market recap from Tony Schmidt, President of KWAR:
“While the tougher mortgage rules that came into play on Jan. 1 have sidelined some homebuyers, the reality is we’re still experiencing more demand than supply right now,”
To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.