Realtors® sell a record number of home in September
September saw KW help to more than makeup for the lack of a spring market this year with farm more home sales happening in September than previously by a 41.6% increase compared to the same time last year.
Watch the Simplified Market Update October 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 HOME SALES UNITS SOLD
- 758 homes sold total in KWAR (up 41.6% compared to the same month last year)
- 431 Detached homes (up 28.6%)
- 93 Condominium apartments (up 127%)
- 178 Townhomes (up 40%)
- 54 Semi-detached homes (up 59%)
AVERAGE SALES PRICE
- The average sale price of all residential properties is $637,691 (up 17.5% compared to the same month last year)
- Detached homes up 25% to $768,762
- Condominium apartments up 13% to $390,690
- Townhomes up 8.7% to $476,636
- Semi-detached homes up 16.5% to $544,874
- The median price of all residential properties sold increased 13.7% to $580,250 and the median price of a detached homes during the same period increased 16.5% to $676,000
- There were 929 new listings added to the MLS® System in KW and area last month
- There were 13% more listings introduced compared to the the same time last year and 17.7% more than the previous ten-year average for the month.
- The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month
- The previous ten-year average supply of homes was 3.3 months, and in the past 5 years, the average supply was 2.2 months
AVERAGE DAYS ON MARKET
- 14 days, compared to 23 days compared to the same month last year
- The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months.
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.