There were just 270 residential sales in the month, down 18% compared to a year earlier with new listings up 10.45% year-over-year to 486. While that brought total inventory to 588 (up 56% from January 2017) it was still well-below historic levels.
“On the surface, activity appears to be somewhat sluggish in January, says Tony Schmidt, KWAR President. “However if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.”
The average sale price increased 9% to $458,750 year-over-year with detached homes selling or an average of $554,857 (up 10.7%) and the average sale price for an apartment style condo reaching $246,821 (up 4%). Townhomes and semis sold for an average of $371,095 (up 14.5%) and $388,974 (up 9.7%) respectively.
The median price for all property types was $431,143, up 6.8%.
While the tougher mortgage rules that came into play on Jan. 1 have sidelined some homebuyers, the reality is we’re still experiencing more demand than supply right now,” says Schmidt.
More market update:
Home sales were subdued in the Kitchener-Waterloo market in January as inventory remained tight.