Simplified Market Update July 2020

Residential average tops $600k for the first time.

If you were anticipating a strong rebound in the real estate market in Kitchener-Waterloo after the official Phase 2 reopening you were right. We had a major rebound in the number of homes sold in June, an increase of 57.6% as compared to May 2020.

Watch the Simplified Market Update July 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

  • 673 homes sold total in KWAR (up 2.1% compared to the same month last year) AND 57.6% MORE than May 2020
  • 413 Detached homes (up 1.7%)
  • 67 Condominium apartments (up 36.7%)
  • 134 Townhomes (down 15.7%%)
  • 59 Semi-detached homes (up 31.1%)

AVERAGE SALES PRICE

  • The average sale price of all residential properties is $601,285 (up 12.8% compared to the same month last year)
  • Detached homes up 13.2% to $698,736
  • Condominium apartments up 13.2% to $372,391
  • Townhomes up 11.4% to $457,851
  • Semi-detached homes up 17.3% to $504,816

MEDIAN PRICE

  • The median price of all residential properties sold in April increased 14.4% to $564,000 and the median price of a detached home during the same period increased 11.9% to $650,000

NEW LISTINGS

  • While still deemed an essential service, REALTORS® listed the most homes so far since May 2019
  • There were 920 new listings added to the MLS® System in KW and area last month
  • There were 1.9% more listings intorudced in June compared to the previous 10-year average

HOMES WITH ACTIVE STATUS AVAILABLE FOR SALE

  • The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7% compared to June of last year

ABSORPTION RATE

  • The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2% below the same period last year
  • The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months

AVERAGE DAYS ON MARKET

  • 16 days, compared to 20 days in June 2019  

FINAL NOTES

  • There is projection that by the end of the year, rates of sales will return to near historical norms.
  • The continued rise in home prices reflect delayed demand from spring market and the continuing projections and developments of business, tech, and community amenities that make Kitchener-Waterloo desirable.
Schmidt & Company Inc., Real Estate Brokerage
Schmidt & Company Inc., Real Estate Brokerage

Real estate. Simple.
4-180 Northfield Dr W, Waterloo ON N2L 0C7

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