Homes sales set another record as the most ever number of homes sold is recorded for the month of August.
August presented a remarkable jump in both the number of homes sold with 686 homes finding new owners, as well as only 16 days on market on average compared to 26 days on market at the same time last year.
Watch the Simplified Market Update September 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
- 686 homes sold total in KWAR (up 48% compared to the same month last year
- 433 Detached homes (up 61.5%)
- 79 Condominium apartments (up 38.5%)
- 138 Townhomes (up 40%)
- 39 Semi-detached homes (no change)
AVERAGE SALES PRICE
- The average sale price of all residential properties is $634,409 (up 21% compared to the same month last year)
- Detached homes up 18.9% to $734,427
- Condominium apartments up 16% to $386,972
- Townhomes up 18.3% to $495,932
- Semi-detached homes up 1.1% to $535,330
- The median price of all residential properties sold in July increased 20.8% to $597,955 and the median price of a detached home during the same period increased 17.4% to $675,000
- There were 833 new listings added to the MLS® System in KW and area last month
- There were 43.8% more listings introduced in August compared to the the same time last year and 26.4% 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 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
- 16 days, compared to 26 days compared to the same month last year
- safety, security and space continue to drive market
- more than ever, more people are looking for more space from neighbours and family members within the home
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.