Would you believe that while the number of homes sales dropped drastically in Waterloo Region, homes prices continued to climb during a worldwide pandemic? Well that’s exactly what happened during the month of April according to recent statistics.
Watch the Simplified Market Update May 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
- 277 homes sold total in KWAR (down 63.6% compared to the same month last year) and the lowest number it’s been since December 2008
- 145 Detached homes (down 63.3%)
- 22 Condominium apartments (down 71.1%)
- 44 Townhomes (down 61.1%)
- 16 Semi-detached homes (down 60.0%)
AVERAGE SALES PRICE
- The average sale price of all residential properties is $568,738 (up 7.3% compared to the same month last year)
- Detached homes up 7.3% to $657,042
- Condominium apartments up 8.1% to $367,230
- Townhomes up 0.4% to $406,463
- Semi-detached homes up 13.3% to $491,816
- The median price of all residential properties sold in April increased 7.1% to $525,000 and the median price of a detached home during the same period increased 6.3% to $605,000
- While still deemed an essential service, REALTORS® listed considerably fewer homes in April due to the current state of emergency
- There were 417 new listings added to the MLS® System in KW and area last month, a decrease of 54.8% compared to April of 2019
- There were far fewer listings than the previous 10-year average of 937 listings in April
HOMES WITH ACTIVE STATUS AVAILALBLE FOR SALE
- The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6% compared to April of last year
- The number of Months Supply (also known as absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8% below the same period last year
- The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months
AVERAGE DAYS ON MARKET
- 19 days, compared to 21 days in April 2019
- The deep reduction in homes sold reflect that fact that open houses are not permitted and in-person showings for homes have been deeply diverted to online viewings. With quarantine in place, the industry is placing a heavy emphasis on following through with recommendations.
- The continued rise in home prices reflect the value of Waterloo Region as a place to live with strong pillars in place such as technology, dining, manufacturing, education and health resources that make us a great place to live.
- Many buyers and sellers are simply on a pause to flatten the curve and abide by quarantine and safety measures.
- We are working with our buyers, sellers and homeowners through online phone calls using Zoom, Google Hangouts, and other methods that make answering your questions and concerns easy and safe.