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Market Updates

Kitchener – Waterloo real estate market recap: November 2019

By December 5, 2019No Comments

In November, home sales in Kitchener-Waterloo were down 12.4% compared to November 2018.

 

“Home sales were slower in November. However, looking at the last six months of activity combined, unit sales are up four per cent over last year, and trending above average.”

Colleen Koehler, President of KWAR

 

 

November Sales Breakdown:

  • 265 Detached Home Sales
  • 46 Condominium Sales
  • 75 Freehold Townhouse Sales
  • 38 Semi-Detached Home Sales

The average sale price of all residential properties sold in November increased by 18.7% to $566,866 compared to November 2018.

Average Home Price:

  • $660,071 Detached Homes
  • $342,561 Apartment Style Condominiums
  • $443,633 Townhomes
  • $31,635 Semis

The median price of all residential properties sold in November increased by 17.6% to $516,500.

It took an average of 27 days to sell a home in November, one day down from November 2018.

Market recap from Colleen Koehler, President of KWAR:

“People moving to this area from other places is continuing to be a significant factor for our market. These buyers are selling wherever they are coming from and buying here, removing homes from the inventory but not putting anything in. This has pushed up prices by decreasing inventory while demand persists,” says Koehler. “Prices are increasing because homebuyer demand is exceeding the number of homes on the market—as we learned at our Housing Market Insight event last week—this trend will continue throughout 2020.”

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/slow-sales-big-price-gains

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