The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4% compared to February 2019.
This is 62% below the previous ten-year average of 1,179 listings for February.
The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40% per cent below the same period last year.
The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.
With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price.
The average days to sell in February was 17 days, compared to 26 days in February 2019.
467 residential homes sold in February — an increase of 36.5% compared to the same month last year, and 15.3% above the previous 10-year average.
The average sale price of all residential properties sold in February increased 16.3% to $571,023 compared to the same month last year
Detached homes sold for an average price of $673,825 — an increase of 13.2%.
The median price of all residential properties sold in February increased 18.2% to $550,050
The median price of detached homes increased 18.6% to $630,000.
The number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.
609 residential properties were listed last month — an increase of 7.8% compared to February of 2019, and a decrease of 5.9% compared to the previous ten-year average for February.
January: Consumers can’t buy what isn’t there
Statistics provided by KWAR