Kitchener Waterloo Real Estate Market Report

Persistent and fierce competition combined with short supply cause dramatic increases in the average price of Kitchener-Waterloo homes

Persistent and fierce competition combined with short supply cause dramatic increases in the average price of Kitchener-Waterloo homes

There were 597 homes sold in February, an increase of 27.8% compared to February 2020. This is an increase of 66.7% compared to the previous month. The previous 10-year average number of residential sales for February is 407.

Total residential sales in February included 337 detached (up 23.9% from February 2020), and 101 condominium units (up 57.8%). Sales also included 47 semi-detached homes (up 46.9%) and 112 townhouses (up 13.1%).  

Average prices rise

In February, the average sale price of all residential properties sold in 2021 increased by 32.1% to $752,289 compared to the same month last year. 

The average price of a detached home hit yet another new milestone by exceeding 900-thousand-dollars for the first time, rising to $910,126 an increase of 35.4%. 

The average sale price for an apartment-style condominium was $415,322 for an increase of 11.9%. 

Townhomes and semis sold for an average of $609,566 (up 37.5%) and $684,787 (up 41.1%) respectively.

Low inventory and mortgage rates are resulting in multiple offers and ever higher prices

There were 737 new listings added to the MLS® System in KW and area last month, an increase of 21% compared to February of last year, and a 15.7% increase compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 295, a decrease of 33.6% compared to February of last year, and 73% below the previous ten-year average of 1,096 listings for February.

The number of months of inventory was 0.5 in February and has remained below 1 months supply since October. 

The average number of days on the market in February was 10 days, compared to 17 days in February 2020 

The previous 5-year average of 33 days. 

Intense competition leads to another record-breaking month of home sales

New Benchmarks

The new MLS® Home Price Index composite benchmark price for all residential properties in Kitchener-Waterloo was $709,600 in February. 

This represents a 27.9% increase over February 2020 and a 5.6% increase compared to January 2021.

The benchmark price for a detached home was $788,500. 

This represents a 28.8% increase from February 2020 and 6.1% increase compared to January 2021.

The benchmark price for an apartment-style condominium was $341,200. This represents a 13.9% increase from February 2020 and a 0.1% increase compared to January 2021.

The benchmark price for a townhouse is $526,700. This represents a 33.1per cent increase from February 2020 and a 6% increase compared to January 2021.

Further reading:

Kitchener-Waterloo Real Estate News

Keith’s real estate blog

Real estate videos

Source: KWAR

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