The local housing market was hot in January as there was a 14.6 per cent boost in year-over-year sales, according to the Kitchener-Waterloo Association of Realtors (KWAR).
The sales boost was buoyed by large increases in the detached market and the condo market which saw 189 (26 per cent increase) and 80 (19. 4 per cent increase) sales respectively. Only 20 semi-detached homes and 17 townhouses changed hands last month which are both decreases over last year at the same time.
In total, there were 307 homes sold in January at an average price of $484,076, up 5.3 per cent from January 2018.
Condos led the way in terms of an increase in sales as on average, they went for a whopping 22.1 per cent ($303,379) more than a year earlier.
The price of a detached, townhomes and semis were more stable as they saw average increases of 1.9 per cent ($564,718), 0.7 per cent ($368,227) and 4.6 per cent ($407,852) respectively.
There were 585 new listings on the market in January 2018, a 25.5 per cent increase over a year earlier.
“It was a positive sign to see an uptick in the number of residential listings hitting the MLS® system last month,” KWAR president Brian Santos said in a statement. “However, the total number of homes available for sale continues to perform well below historical averages.”
On average, a home was only on the market for 28 days last month, five days less than January 2018.