Simplified Market Update August 2020

Residential average goes above and beyond topping at $639,814 after just cresting $600,000 for the for the first time in June.


While we reported just cresting the $600,000 mark for the average sale price of homes in Kitchener-Waterloo in June, we probably didn’t anticipate such a big jump for the month of July. But pent up energy, determined buyers, lower mortgage rates and the goal of getting ahead of the ever-continuing rising homes prices meant we saw some big gains.

Watch the Simplified Market Update August 2020 for Kitchener-Waterloo and read through below for more statistics, trends and observations of where we stand in our KW real estate market.

NUMBER OF SALES

  • 734 homes sold total in KWAR (up 25.7% compared to the same month last year
  • 464 Detached homes (up 39.9%)
  • 65 Condominium apartments (up 3.2%)
  • 53 Townhomes (down 4.8%)
  • 52 Semi-detached homes (up 23.8%)

AVERAGE SALES PRICE

  • The average sale price of all residential properties is $639,814 (up 22.8% compared to the same month last year)
  • Detached homes up 21.4% to $745,149
  • Condominium apartments up 15.2% to $392,770
  • Townhomes up 12.8% to $465,756
  • Semi-detached homes up 20.4% to $522,872

MEDIAN PRICE

  • The median price of all residential properties sold in July increased 21.7% to $595,000 and the median price of a detached home during the same period increased17.4% to $675,000

NEW LISTINGS

  • There were 888 new listings added to the MLS® System in KW and area last month
  • There were 4.3% more listings introduced in July compared to the the same time last year and 15.5% more than the previous ten-year average for the month.

HOMES WITH ACTIVE STATUS AVAILABLE FOR SALE

  • The total number of homes available for sale in active status at the end of June was 592, a decrease of 32.6% compared to July of last year

ABSORPTION RATE

  • The number of Months Supply (also known as 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

AVERAGE DAYS ON MARKET

  • 17 days, compared to 22 days in July 2019  

FINAL NOTES

  • Lower interest rates for mortages
  • Easier terms for qualifying for mortgages
  • Continuing rising prices and typical low supply of homes is leading to a heated end-of-summer market

If you’re looking on how best to strategize when buying or selling, be sure to contact us at inbox@schmidtandcompany.ca to set up a consultation and plan of action that will take into account your plans and the current market.

Kindly,

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Cindy-Lou Schmidt
Cindy-Lou Schmidt

Broker / Manager
 
 
Cindy-Lou is a dedicated Broker/Owner and REALTOR® based in Waterloo who is proud to serve her hometown and community. She is adamant in the value of home ownership both for the financial and wealth benefits, but also as a foundation of healthy communities. With 7 years in the real estate business, and as a private investor since 2005, her experience and strategic approach to homes sales has been pivotal in building loyalty with her clients over the years.

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