In January, home sales in Kitchener-Waterloo were down 8.2% compared to January 2019.
“For the third consecutive month sales were down in January…Slower January sales are a result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.”
Colleen Koehler, President of KWAR
January Sales Breakdown:
- 153 Detached Home Sales
- 39 Condominium Sales
- 68 Freehold Townhouse Sales
- 21 Semi-Detached Home Sales
The average sale price of all residential properties sold in January increased by 15.7% to $561,029 compared to January 2020.
Average Home Price:
- $670,944 Detached Homes
- $382,636 Apartment Style Condominiums
- $439,765 Townhomes
- $484,190 Semis
The median price of all residential properties sold in January increased by 17.3% to $536,000.
It took an average of 22 days to sell a home in January, compared to 27 days in January 2019.
Market recap from Colleen Koehler, President of KWAR:
“Consumers can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January…There is no doubt we would be reporting more sales if we had the inventory to match the demand.”
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/january-2020
