Simplified Market Update July 2020

Residential average tops $600k for the first time.

If you were anticipating a strong rebound in the real estate market in Kitchener-Waterloo after the official Phase 2 reopening you were right. We had a major rebound in the number of homes sold in June, an increase of 57.6% as compared to May 2020.

Watch the Simplified Market Update July 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

  • 673 homes sold total in KWAR (up 2.1% compared to the same month last year) AND 57.6% MORE than May 2020
  • 413 Detached homes (up 1.7%)
  • 67 Condominium apartments (up 36.7%)
  • 134 Townhomes (down 15.7%%)
  • 59 Semi-detached homes (up 31.1%)

AVERAGE SALES PRICE

  • The average sale price of all residential properties is $601,285 (up 12.8% compared to the same month last year)
  • Detached homes up 13.2% to $698,736
  • Condominium apartments up 13.2% to $372,391
  • Townhomes up 11.4% to $457,851
  • Semi-detached homes up 17.3% to $504,816

MEDIAN PRICE

  • The median price of all residential properties sold in April increased 14.4% to $564,000 and the median price of a detached home during the same period increased 11.9% to $650,000

NEW LISTINGS

  • While still deemed an essential service, REALTORS® listed the most homes so far since May 2019
  • There were 920 new listings added to the MLS® System in KW and area last month
  • There were 1.9% more listings intorudced in June compared to the previous 10-year average

HOMES WITH ACTIVE STATUS AVAILABLE FOR SALE

  • The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7% compared to June of last year

ABSORPTION RATE

  • The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2% below the same period last year
  • The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months

AVERAGE DAYS ON MARKET

  • 16 days, compared to 20 days in June 2019  

FINAL NOTES

  • There is projection that by the end of the year, rates of sales will return to near historical norms.
  • The continued rise in home prices reflect delayed demand from spring market and the continuing projections and developments of business, tech, and community amenities that make Kitchener-Waterloo desirable.
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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