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
- 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
- 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
- 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
- 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.