Last month’s home sales in Kitchener-Waterloo represented a decrease of 24.0 percent compared to June 2021.
“For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased…In June the average price of a detached home has levelled off to where it was this time last year.”
M Bell, President of KWAR
June Sales Breakdown:
- 326 Detached Home Sales
- 84 Condominium Sales
- 48 Semi-Detached Home Sales
- 103 Townhouse Sales
The average sale price of all residential properties sold in June is up by 4.2% to $791,674 compared to June 2021.
Average Home Price:
- $920,349 Detached Homes
- $497,429 Apartment-Style Condominiums
- $662,305 Townhomes
- $710,284 Semis
It took an average of 13 days to sell a home in June, compared to 11 days in 2021. 991 homes were available for sale at the end of June, an increase of 165.0% compared to June of last year.
Market recap from the President of KWAR:
“While any shift in the market will result in some individuals predicting the worse, the simple reality is that the market we had been in was unsustainable.
What this means for buyers is more inventory, more choices, and perhaps most importantly, potentially less stress when purchasing.
For sellers, they need to ensure their properties stand out from the competition and be aware it may take more time to sell their home and for potentially less money than they were expecting.”
To learn more about the market and what this means for you, connect with Suzanne.