Last month’s home sales in Kitchener-Waterloo decreased 41.9 percent compared to January 2022.
“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade…Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”
M Bell, President of KWAR
January Sales Breakdown:
- 176 Detached Home Sales
- 61 Townhouse Sales
- 43 Condominium Sales
- 17 Semi-Detached Home Sales
The average sale price of all residential properties sold in January is down by 20.1% to $764,063 compared to January 2022.
Average Home Price:
- $888,487 Detached Homes
- $625,831 Townhomes
- $495,753 Apartment-Style Condominiums
- $650,588 Semis
It took an average of 25 days to sell a home in January, compared to 9 days in 2022. 651 homes were available for sale at the end of January, an increase of 167.9% compared to January of last year.
Market recap from the President of KWAR:
“The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region. While there are still some, it is nowhere like it was last January. These and other shifting influences mean it has never been more important for buyers and sellers to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”
To learn more about the market and what this means for you, connect with Suzanne.