Home prices in Kitchener/Waterloo have remained relatively flat since September.
“It’s also likely that the average sale price in December will be significantly lower, which is typical of the seasonality of real estate,” explains Greig Turvey, Sales Representative, GoWylde Team/ReMax.
It is expected that these prices and sales trends will continue their downward trajectory as we draw nearer to the holidays and into the early new year.
In November, the average sale price in Kitchener/Waterloo trended downwards 5%, compared to October; it is down 10% when compared to November 2021. And yet, we have to consider that the average sale price was up 4% from the previous month, so this drop is not as dramatic as it might first appear.
“Last month there were some very high-priced condos to sell, which skewed the data,” says Turvey. “The average sale price of a condo dropped back down 10%, which is more in line with the numbers from two months ago.”
Sales of detached houses were fairly flat with a 1% drop compared to October, while attached homes were up 3%.
Inventory was down 7% month-over-month, and it is likely to continue to decrease until after the new year. While inventory is 2.5 times higher than it was a year ago in November 2021, the figure is still fairly low. Despite the big shift in the market, there is still under 2 months of inventory, and we are still seeing competition among buyers.
Of the homes that sell, 35% are still selling for over the list price. The majority of freehold homes that are listed are still listing low and expecting multiple offers.
Those who are house hunting would be well advised to continue their search right through the holidays, even though it may seem counter intuitive given how much things have slowed down lately.
“With the low number of transactions in December and early January, December is the best time of year to find a great deal as a buyer, as sellers can be extra motivated to get a deal done,” says the REALTOR®.
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.