Eric | Mar. 21, 2020
I apologize for the delayed report!
At the end of February there were just 447 Active Residential listings on MLS in Kitchener-Waterloo: a 39.4% decrease compared to the end of February 2019 and 62% the 10-year average at the end of February. The average days on market has also moved lower to just 17 compared to average days on market in February 2019 of 26.
There were 467 Residential sales in February – a 36.5% increase over last February.
272 Single detached home sold: Up 52%
62 Condominium homes sold: Up 14.8%
32 Semi-detached homes sold: Up 33.3%
101 Townhouses sold: Up 18.8%
It is the same story: Low inventory and high demand for homes in KW is causing homes to sell very quickly with competition for these homes driving prices higher. The Median price of all Residential Real Estate sold in February sits at $550,050 and the Median sale price for Single detached homes is at $630,000. We see apartment style condos, semis and towns dominating the lower end and single detached homes dominating the market around $550,000. What we could buy 6 months ago for $450,000 is now selling for $550,000.
Prices have spiked.
Average price of all Residential Property sold in February: $571,023 – increase of 16.3%
Average price of single detached homes: $673,825 – increase of 13.2%
Average price of apartments condos: $371,923 – increase of 12.9%
Average price of Townhouses: $443,382 – increase of 12.9%
Average price of Semi-detached: $485,831 – increase of 8.4%