New report shows local home sales dropped significantly in 2023
Posted Jan 6, 2024 06:56:14 AM.
Last Updated Jan 6, 2024 06:56:18 AM.
The trend of decreasing home sales in the region continued in a big way this past year.
In 2023, home sales were down almost 15 percent compared to 2022, and over 23 percent compared to the previous 5 year average.
The Waterloo Region Association of Realtors provided the numbers which showed 2023 had the fewest home sales in the region since 2000.
The association also provided some numbers for the month of December last year.
285 homes were sold which is over 25 per cent less than the previous 5 year average for December.
The association’s President Christal Moura said she’s not surprised by the numbers as higher interest rates are continuing to impact the housing market.
The average sale price in the region also decreased in 2023 by almost eight per cent at just over $786,000.
The full report from WRAR can be found here.
