Another Sales Record Set in Extremely Hot Summer Market
Record breaking, again
686 residential homes were sold in August, the most ever recorded for the month.
August’s home sales represent an increase of 48% compared to the same month last year.
The previous ten-year average number of residential sales for August is 470.
Total residential sales in August included 433 detached homes (up 61.5% from August 2019), and 79 condominium apartments (up 38.5%). Sales also included 138 townhouses (up 40%)
The average sale price of all residential properties sold in August increased 21% to $634,409 compared to the same month last year.
Detached homes sold for an average price of $734,427 an increase of 18.9%. This is a record high price.
The median price of all residential properties sold in August increased 20.8% to $597,955
The median price of a detached home increased 17.4% to $675,000.
There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8% compared to August of last year, and 26.4% more than the previous ten-year average for August.
The number of Months Supply (absorption rate) continues to be very low at just one month supply for the month of August.
The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.
The average days to sell in August was 16 days, compared to 26 days in August 2019.
Summer home sales rebounded from the spring COVID-19 slowdown.
Further reading:
Kitchener-Waterloo Real Estate News
Keith’s real estate blog
Real estate videos
