Last month’s home sales in Kitchener-Waterloo increased 10.4 percent compared to July 2022.
“Despite the Bank of Canada’s most recent interest rate hike, we saw more sellers coming off the sidelines with new listing activity reaching its second highest level for the month of July in over a decade.”
M Bell, President of KWAR
July Sales Breakdown:
- 364 Detached Home Sales
- 120 Townhouse Sales
- 74 Condominium Sales
- 44 Semi-Detached Home Sales
The average sale price of all residential properties sold in July is up by 5.8% to $795,778 compared to July 2022.
Average Home Price:
- $920,635 Detached Homes
- $670,283 Townhomes
- $496,757 Apartment-Style Condominiums
- $665,328 Semis
It took an average of 16 days to sell a home in July, compared to 18 days in 2022. 1,107 homes were available for sale at the end of July, a decrease of 14.8% compared to July of last year.
Market recap from the President of KWAR:
“In this ever-evolving market, demand persists despite the changing landscape. Increased listing activity is certainly welcomed to help offset the lack of supply and pent-up demand.
Working with a local REALTOR® is vital in navigating these shifting influences during the homebuying and selling process. Waterloo Region properties remain highly sought-after due to our diverse economy and desirable community, solidifying us in a competitive market.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
