KWAR Feb stat highlights

KWAR feb stats

In the face of lower than low inventory, and high buyer demand the number of home sales in February according to KWAR (Kitchener Waterloo Association of Realtors) was 4.2% higher than it was a year ago. We would have had a lot more sales if there were more houses for sale but what we had instead was price inflation. The average sale price in February was 27.5% higher than February 2016.

 

The average prices

Detached homes sold for $549,691

Townhouses: $388,721

Semi-detached: $369,624

Apartment style condos: $246,736

 

Active listings

There were only 427 active listings on our local board’s MLS compared to 1226 a year ago.

 

DOM

The average days on the market was 18 days compared to 39 days a year ago.

 

Rates and sticky prices

Interest rates are set to rise in mid-March. But prices are sticky. That means although prices may go up quickly, the stick for a long time to the higher price before creeping down again. According to economists, if we get a correction that will likely be a 5% to 15% price decline over the course of a few months, not bad, but not much in the face of an 30% rise over the past year.

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