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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 10 ,2 01 9 | 4 666 Victoria St. N., Kitchener Mon.-Fri. 8-9; Sat. 9-6; Sun. 10-5 We reserve the right to limit quantities. Some items may not be exactly as shown. Some items may be limited in quantity. www.kwsurplus.com $3999 vicks coolmoisture humidifier 3 Litre capacity wrangler insulAted pants assorted sizes endura cowhide driving glove NEW compare @ $54.99 more styles to choose from $6996 watts = 40watts of light 4 PACK LED SOFT WHITE LIGHT BULBS Slight Cosmetic Seconds 55 metres 60 YARD GREY DUCT TAPE $299 39¢ 99¢ 3 for ea OR POCKET/PURSE HAND SANITIZERS 3 scents 2 oz/59ml kills 99.99% of germs $1699 $$ $699large onlyfleece lined a uniq ue sho pping experi encek-w surp lus Despite a double-digit de- cline in the number of sales, the local real estate market still managed to post decent price increases in 2018. Year-end numbers re- leased Friday by the Kitche- ner-Waterloo Association of Realtors showed a drop in residential sales of just over 11 per cent, from 6,549 in 2017 to 5,823 last year. Association president Brian Santos said the de- cline in sales speaks to a lack of available inventory that has fuelled a seller's market for months on end. The association ended 2018 with less than two months of supply - meaning that it would take about two months to sell all of the homes currently available. "We usually sit at double that amount of inventory," he said. Rising interest rates and the introduction of the mort- gage stress test also served to cool off the "roller-coast- er" of a market seen in 2017, Santos said. "It's more stable than it was before." The association saw the average yearly price in- crease 3.4 per cent for all properties to $483,537. The average median price rose 3.6 per cent to $445,304. While sales of detached homes were down about 16 per cent in 2018, the average price rose 4.8 per cent to $575,412. The median price for a detached home rose to $525,000, up 6.1 per cent. It took an average of 24 days to sell a property in 2018, compared to 19 days the year before. Apartment-style condo- miniums saw the largest yearly jump in average price, up 12 per cent to $304,676. Condominium units were the only segment that experienced an in- crease in sales volume last year, too, with an increase of 6.4 per cent. Affordability is the key to condo popularity. "It's be- coming increasingly more difficult for first-time buy- ers to get into the market," Santos said. "It seems like the cards are stacked against them ... It's just hard- er for them to attain their dream." They're popular among young professionals who can surround themselves with urban amenities and often aren't far from their workplaces. They're also a popular choice for inves- tors. Santos said his col- leagues aren't seeing as many buyers coming into Waterloo Region from the Toronto area as before, but quality of life and lower pric- es still make the region an at- tractive destination. The average sales price for 2018 in the Toronto Real Estate Board actually dropped 4.3 per cent but still stood at $787,300. For the month of Decem- ber, residential sales for the Kitchener-Waterloo associa- tion were down 13.2 per cent to 263, compared to same month a year earlier. The previous 10-year average for December sales was 268. The monthly average price for all properties stood at $476,758, up 11.9 per cent year over year. A tight rental housing market in Waterloo Region has seen prospective tenants turning more frequently to realtors to help in their search, Santos noted. There were 733 residential leases processed through the asso- ciation's Multiple Listing System last year - an in- crease of 22 per cent over 2017 and 40 per cent more than in 2016. The Kitchener-Waterloo Association of Realtors recorded 5,823 home sales in 2018. Mathew McCarthy, Waterloo Region Record file photo HOME SALES IN KITCHENER-WATERLOO DOWN 11 PER CENT LAST YEAR, BUT PRICES CONTINUE TO RISE BUSINESS BRENT DAVIS bdavis@therecord.com