February market update: It’s likely about to get easier for buyers in Kitchener/Waterloo
Posted Mar 15, 2023 11:00:00 AM.
February, as it turns out, wasn’t all that different from the month that preceded it—at least in terms of real estate here in Kitchener/Waterloo.
“Much like January, the real estate market in February was defined by low inventory, low sales and low new listings,” says Greig Turvey, Sales Representative, GoWylde Team/ReMax.
“The number of new listings was down 42% compared to the crazy February of last year, and it is down 10-20% compared to a more ‘typical’ February. This of course leads into lower sales, which were down 49% compared to last February, but up 45% from the previous month, which is a normal trend for this time of year.”
The number of average active listings only grew by 4% month over month, so months of inventory dipped down to 1.5, which is quite low. Competition is still fairly common, and 46% of properties are selling for over their list price, compared to 33% in January.
The average sale price for Kitchener/Waterloo in February was $729,838. For detached houses that figure was $867,520, for attached houses it was $627,992 and for condos and apartments it was $457,560.
“The busy Spring market is right around the corner, and I think that by the end of March, inventory will finally be able to build up, and the market will become less competitive,” says Turvey.
“If you’re a buyer who has missed out on some properties over the past few months, I think things are about to get easier for you. If you’re thinking of selling your property, you will probably want to do it sooner than later, while we still have lower levels of inventory.”
Stay up to date with the latest market trends in Kitchener and Waterloo with real estate agents Brad Wylde and Greig Turvey.
Visit the GoWylde Team or call 519-826-7109 for more information.