419 homes sold in Kitchener-Waterloo in May 2020, a decrease of 40.5% compared to May 2019. This is an 80% increase compared to April 2020 when sales contracted sharply due to COVID-19.
The average sale price of all residential properties sold in May increased 6.5% to $568,275 compared to the same month last year. Detached homes sold for an average price of $657,274 an increase of 5.4%. The median price of all residential properties sold in May increased 10.1% to $545,000. The median price of a detached home increased 9.6% to $630,000.
There were 577 new listings added to the MLS® System in KW and area last month, a decrease of 48.7% compared to May of 2019. Far fewer than the previous 10-year average of 1,035 listings in May.
The total number of homes available for sale in active status at the end of May was 567, a decrease of 43.9% compared to May of last year. The number of Months Supply (absorption rate) continues to be very low at just 1.3 months The previous ten-year average supply of homes for May was 3.25 months.
The average days to sell in May was 20 days, compared to 19 days in May 2019.
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