Average price of homes up more than $100,000 in February: Crazy!
The Kitchener-Waterloo real estate market saw the total average sale price of homes rise 27.5% to $463,355 in February versus February last year – a $100,000+ increase. Why the increase? It’s a simple equation. A lack of homes being offered for sale and increased demand is driving prices higher. February saw just 427 active listings compared to 1,226 in February 2016 and the average time on the market for a home was only 18 days, compared to 39 days last year.
Here are the Average February prices:
Detached home average price: $549,691 UP 30.7%
Apartment-style condo average price: $246,736 UP 8.8%
Townhome average price: $388,721 UP 20.6%
Semi-detached average price: $369,624 UP 31%
Here is what sold in February:
299 Detached homes
107 Condominium units
31 Freehold townhomes
Comes down to crazy!
Crazy is only crazy until it is normal. Buyers and Sellers in Waterloo Region are still adjusting to the new way our real estate market works – we are slowly adapting to the new norm where prices are rising, decisions must be made fast and competition is fierce. The Real Estate market in Waterloo Region is fluid and is changing and can definitely be described as crazy. This doesn’t mean we have to act crazy when buying or selling a home. With 15 months of this crazy market behind us, we have enough data to now call this the new normal; we understand the crazy, we continue to compile and analyze the data – we have insight into how the crazy works. We’re always here to help and answer your “crazy” questions.