Kitchener Waterloo Real Estate Market Report. Home Sales Down 63.6% but Prices Up 7.3%

Residential Home Sales

There were 227 residential homes sold in Kitchener-Waterloo in April, a decrease of 63.6% compared to the same month last year.

The average sale price of all residential properties sold in April increased 7.3% to $568,738 compared to the same month last year.

The median price of all residential properties sold in April increased by 7.1% to $525,000 

Detached homes sold for an average price of $657,042, an increase of 7.3%. 

The median price of a detached home during the same period increased 6.3% to $605,000.

There were 417 new listings added in KW and area last month, a decrease of 54.8% compared to April of 2019, far fewer than the previous 10-year average of 937 listings in April.

The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6% compared to April of last year.

The number of Months Supply (absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8 per cent below the same period last year. 

The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months.

For the first time in a long time, April saw some balance with a sales-to-new-listings ratio of 53 percent – well within the balanced threshold. 

Home values have remained stable which we expect will continue into the foreseeable future

The average days to sell in April was 19 days, compared to 21 days in April 2019.  

KWAR

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