Detached homes sales up to an average of $1.1M in Kitchener-Waterloo in January

The average price of a detached home in Kitchener-Waterloo has gone up yet again to more than $1.1 million last month, according to the local realtors’ association.

The January update from the Kitchener-Waterloo Association of Realtors (KWAR) said the average price of a detached home was $1,152,707, a 35.5 per cent increase over January 2021. It’s also a 12.9 per cent increase over December 2021, when the average price passed $1 million for the first time.

The average price for all residential properties was $955,665. Semi-detached homes sold for an average of $849,845, townhouses had an average price of $836,306 and condos had an average sale price of $538,239.

There were 402 residential sales in Kitchener-Waterloo last month, a record for January.

“While it’s a new year, the song remains the same with homebuying demand outstripping supply in January,” said Megan Bell, president of KWAR, in a news release. “This has resulted in price jumps across all property types.”

Sales last month included 217 detached homes, 74 condo units, 24 semi-detached homes and 87 townhouses.

Homes were on the market for an average of nine days in January, down from 16 days in January 2021. The previous five-year average was 24 days.