Last month’s home sales in Kitchener-Waterloo decreased 43.7 percent compared to November 2021.
“Home sales continued to decrease in November, as they traditionally do at this time of year. At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”
M Bell, President of KWAR
November Sales Breakdown:
- 280 Detached Home Sales
- 58 Condominium Sales
- 37 Semi-Detached Home Sales
- 78 Townhouse Sales
The average sale price of all residential properties sold in November is down by 10.4% to $736,024 compared to November 2021.
Average Home Price:
- $838,609 Detached Homes
- $618,669 Townhomes
- $458,384 Apartment-Style Condominiums
- $642,328 Semis
It took an average of 21 days to sell a home in November, compared to 10 days in 2021. 860 homes were available for sale at the end of November, an increase of 209.4% compared to November of last year.
Market recap from the President of KWAR:
“It has never been more important for both buyers and sellers to work with a REALTOR® to help provide expertise during the homebuying and selling process. Affordability, combined with ongoing supply constraints, are making it difficult for buyers to navigate the continuous market changes while sellers are also having to adjust in concurrence with the evolving circumstances.”
To learn more about the market and what this means for you, connect with Suzanne.