Kitchener-Waterloo housing prices drop slightly in July, but demand still 'strong'

KITCHENER -

Housing prices dropped slightly in Kitchener-Waterloo last month, but demand remains strong amid low inventory.

The Kitchener-Waterloo Association of Realtors (KWAR) said there were 611 residential homes sold in July. Officials said that's a 17 per cent decrease from record-setting sales in July 2020, but still above-average for this month. Last July, there were 734 residential sales in Kitchener-Waterloo.

“Although home sales slowed down to some degree in July compared to June, overall demand remains very strong,” said Nicole Pohl, president of KWAR, in a news release. “The current inventory of homes available for sale in the Kitchener-Waterloo and area is extremely low, making Waterloo Region one of the most competitive markets in Ontario.”

House sales broke down into 339 detached homes, 91 condo units, 46 semi-detached homes and 135 townhouses.

The average sale price for all properties was $755,681, a 18.2 per cent increase over last July. Detached homes sold for an average of $907,192, condos had an average price of $429,630, townhouses sold for an average of $623,732, and semi-detached homes had an average sale price of $667,570.

Homes were on the market for an average of 11 days in July 2021, down from 17 days in July 2020. The five-year average for the month of July is 22 days.