There were 810 active listings at the end of January, up 11.4 per cent year-over-year. It’s still well short of the 10-year average of 1,189 listings, reflecting an inventory shortage that has persisted for months.
While it still remains a seller’s market, the number of residential real estate listings in Kitchener and Waterloo continues to rise.
Members of the Kitchener-Waterloo Association of Realtors listed 585 properties on the Multiple Listing System last month, an increase of more than 25 per cent compared to January 2018.
There were 810 active listings at the end of the month, up 11.4 per cent year-over-year. It’s still well short of the 10-year average of 1,189 listings, reflecting an inventory shortage that has persisted for months.
“It was a positive sign to see an uptick in the number of residential listings hitting the MLS system last month,” association president Brian Santos said in a news release. “However, the total number of homes available for sale continues to perform well below historical averages.”
January sales were up nearly 15 per cent year-over-year, with 307 properties changing hands. That also represents an increase of about 15 per cent over the previous 10-year January average.
“January was surprisingly busy with an above-average number of home sales,” Santos said.
Sales had dropped about 13 per cent year-to-year in December.
The average price for all properties climbed 5.3 per cent in January to $484,076 compared to a year ago. The median price rose to $455,000.
Detached homes saw an increase of about two per cent, to an average of $564,718; the median detached price stood at $530,000.
Condos remain a popular segment of the market, with 80 January sales representing a nearly 20 per cent increase compared to a year ago. The average price for an apartment-style condo jumped 22 per cent over last year, to $303,379.
Semi-detached houses and freehold townhomes only accounted for 37 of January’s 307 sales; year-to-year sales volumes dropped significantly in each category, down 19 per cent for townhouses and nearly 29 per cent for semis.
Santos said the association is predicting a positive year ahead.
“I think we’re going to see home prices remain steady or have small increases,” he said. “Sales will continue to be strong, but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options.”