Competition high for buyers. Prices go up.
| The May market arrived in July this year 734 residential homes sold in July, an increase of 25.7% compared to the same month last year. This is also well above the previous ten-year average for the Kitchener-Waterloo real estate market in July. Total residential sales in July included 464 detached homes (up 39.3% from July 2019) and 52 semi-detached homes (up 23.8%). The average sale price of all residential properties sold in July increased 22.8% to $639,814 compared to the same month last year. Detached homes sold for an average price of $745,149 an increase of 21.4%. During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2%. Townhomes and semis sold for an average of $465,756 (up 12.8%) and $522,872 (up 20.4%) respectively. The median price of all residential properties sold in July increased 21.7% to $595,000 The median price of a detached home increased 17.4% to $675,000. There were 888 new listings added to the MLS® System in KW and area last month, an increase of 4.3% compared to July of last year, and 15.5% more than the previous ten-year average for July. The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6% compared to July of last year. The number of Months Supply (absorption rate) continues to be very low at just 1.3 months for the month of July, 27.8% below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months. The average days to sell in July was 17 days, compared to 22 days in July 2019. High homebuyer activity combined with short supply puts huge pressure on prices. |
Further reading:
Kitchener-Waterloo Real Estate News
Keith’s real estate blog
Real estate videos
