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w at er lo oc hr on ic le .c a W at er lo o C hr on ic le | T hu rs da y, Ja nu ar y 9, 20 20 | 4 Laurel Creek Citizens' Working Group provides educational experiences and stream stewardship activities for the community. Interested in volunteering? Submit a volunteer application form by January 31, 2020 to volunteer@waterloo.ca waterloo.ca/LCC Share your passion for LOCAL STREAMS waterloo.ca/BeeCity Share your passion for POLLINATORS The Pollinator Working Group provides educational experiences and community stewardship activities for the community, relating to native pollinators and their habitat. Interested in volunteering? Submit a volunteer application form by January 24, 2020 to volunteer@waterloo.ca Im age copyright A lan V.M organ Residential real estate provid- ed a solid return on investment in 2019 in Kitchener and Waterloo, with average prices climbing 9.3 per cent. Sales volume only increased slightly, with 5,925 transactions representing a 1.6 per cent in- crease over 2018, according to the Kitchener-Waterloo Association of Realtors. That's three per cent above the previous 10-year aver- age, but 2.3 per cent below the past five-year average, account- ing for the overheated markets of 2016 and 2017. December sales slipped nine per cent compared to 2018, with 244 sales. "Overall, it was a steadfast pace of home sales in 2019," new association president Colleen Koehler said in a release. "When annual home sales in Kitchener- Waterloo hit near 6000 transac- tions, I consider it to be a strong real estate market." The average price for all resi- dential properties sold last year climbed to $527,718. Detached homes were up 7.1 per cent to an average of $614,743. The median price of all properties rose 10.1 per cent to $490,000, while the median price of a detached home in- creased to $570,000, a jump of 8.6 per cent. "In 2019, the lack of supply con- tinued to be a hurdle for anyone who was trying to buy their first home, move-up from their cur- rent residence, or downsize. This ongoing state of the market caused further escalation of home prices in 2019," Koehler said. "With interest rates expected to stay low in the year ahead com- bined with Waterloo region's on- going growth, I expect 2020 will see more price gains alongside a steady increase in sales." Inventory remained well be- low average levels throughout the year, with the number of months of inventory averaging 1.5 for the year. That's a measure of how long it would take to sell existing inventory at the current pace. Historical norms for the re- gion are in the three to four- month range. The highest level reached last year came in May, with 2.1 months of supply, drop- ping to a year-end low of just 0.7 months. The only category of homes to see an increase in sales last year was detached homes - 3,590 sales represented a 5.9 per cent in- crease over 2018. All other catego- ries declined. Sales of condomini- um units were down 7.8 per cent (648 sales), townhomes dropped 3.7 per cent (1,266 sales), and semi-detached homes declined 0.7 per cent (421 sales). It was a different scenario when it came to price, with strong increases across the board. The average price for apartment-style condos rose 9.6 per cent to $332,409, while townhomes were up 10 per cent to an average of $409,979. The average price for semi-detached homes climbed 11 per cent to $439,844. 2019 PROVIDED SOLID RETURNS IN KITCHENER-WATERLOO REAL ESTATE MARKET BRENT DAVIS bdavis@therecord.com BUSINESS Average houses prices in Kitchener and Waterloo rose 9.3 per cent in 2019. David Bebee, Waterloo Region Record file photo