Residential average goes above and beyond topping at $639,814 after just cresting $600,000 for the for the first time in June.
While we reported just cresting the $600,000 mark for the average sale price of homes in Kitchener-Waterloo in June, we probably didn’t anticipate such a big jump for the month of July. But pent up energy, determined buyers, lower mortgage rates and the goal of getting ahead of the ever-continuing rising homes prices meant we saw some big gains.
Watch the Simplified Market Update August 2020 for Kitchener-Waterloo and read through below for more statistics, trends and observations of where we stand in our KW real estate market.
NUMBER OF SALES
- 734 homes sold total in KWAR (up 25.7% compared to the same month last year
- 464 Detached homes (up 39.9%)
- 65 Condominium apartments (up 3.2%)
- 53 Townhomes (down 4.8%)
- 52 Semi-detached homes (up 23.8%)
AVERAGE SALES PRICE
- The average sale price of all residential properties is $639,814 (up 22.8% compared to the same month last year)
- Detached homes up 21.4% to $745,149
- Condominium apartments up 15.2% to $392,770
- Townhomes up 12.8% to $465,756
- Semi-detached homes up 20.4% to $522,872
- The median price of all residential properties sold in July increased 21.7% to $595,000 and the median price of a detached home during the same period increased17.4% to $675,000
- There were 888 new listings added to the MLS® System in KW and area last month
- There were 4.3% more listings introduced in July compared to the the same time last year and 15.5% more than the previous ten-year average for the month.
HOMES WITH ACTIVE STATUS AVAILABLE FOR SALE
- The total number of homes available for sale in active status at the end of June was 592, a decrease of 32.6% compared to July of last year
- The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of July, 27.8% below the same period last year
- The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months
AVERAGE DAYS ON MARKET
- 17 days, compared to 22 days in July 2019
- Lower interest rates for mortages
- Easier terms for qualifying for mortgages
- Continuing rising prices and typical low supply of homes is leading to a heated end-of-summer market
If you’re looking on how best to strategize when buying or selling, be sure to contact us at email@example.com to set up a consultation and plan of action that will take into account your plans and the current market.