Last month’s home sales in Kitchener-Waterloo decreased 10.9 percent compared to May 2022.
“The spring market is in full swing with robust buyer and listing activity observed in May. It’s encouraging to witness a significant uptick in listing activity compared to April, and we remain optimistic that this positive momentum will carry into June. However, it’s worth noting that the number of listings being added to the MLS® System continues to be historically low.”
M Bell, President of KWAR
May Sales Breakdown:
- 463 Detached Home Sales
- 133 Townhouse Sales
- 123 Condominium Sales
- 67 Semi-Detached Home Sales
The average sale price of all residential properties sold in May is down by 5.6% to $821,828 compared to May 2022.
Average Home Price:
- $964,130 Detached Homes
- $697,551 Townhomes
- $482,926 Apartment-Style Condominiums
- $726,702 Semis
It took an average of 15 days to sell a home in May, compared to 11 days in 2022. 900 homes were available for sale at the end of May, a decrease of 24.9% compared to May of last year.
Market recap from the President of KWAR:
“Waterloo Region properties remain in high demand, driven by our diverse economy and the desirability of our community, we continue to be in a seller’s market…With limited inventory and a relatively low number of new listings being added to the MLS® system, buyers face intensified competition while sellers receive increasingly competitive offers.”
To learn more about the market and what this means for you, connect with Suzanne.