April Home Sales 2nd Highest on Record in Kitchener, Waterloo and Cambridge
Hope you and your family have been doing well. How are you surviving the lockdown? Personally this whole covid thing is getting a little old and I wish things could just go back to normal as i am sure you do too.
As for the Real estate market it is still going exceptionally strong and we had the 2nd highest sales on record for April!
Lets look at the stats…
Following last month’s record-smashing number of home sales, we posted the second-highest number of monthly home sales in April. There were 843 residential homes sold, an increase of 263.4 per cent compared to April 2020, and a decrease of 15.5 per cent compared to March 2021.
Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month. The previous 10-year average number of residential sales for April was 618.
Total residential sales in April included 484 detached (up 233.8 per cent from April 2020), and 111 condominium units (up 382.6 per cent). Sales also included 67 semi-detached homes (up 294.1 per cent) and 181 townhouses (up 285.1 per cent).
In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $757,906. This represents a 34.3 per cent increase over April 2020 and a 0.9 per cent decrease compared to March 2021.
- The average price of a detached home was $899,315. This represents a 36.9 per cent increase from April 2020 and an increase of 0.04 per cent compared to March 2021.
- The average sale price for an apartment-style condominium was $441,887. This represents an increase of 21.2 per cent from April 2020 and an increase of 4.2 per cent compared to March 2021.
- The average sale price for a townhouse was $612,550. This represents a 52.1 per cent increase from April 2020 and a decrease of 2.03 per cent compared to March 2021.
- The average sale price for a semi was $652,609. This represents an increase of 33.0 per cent compared to April 2020 and an increase of 0.18 per cent compared to March 2021.
We are starting to see home prices calm down in March and April compared to what was happening in January and February which is great news for buyers.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $742,800 in April. This represents a 40.4 per cent increase over April 2020 and a 0.6 per cent increase compared to March 2021.
- The benchmark price for a detached home was $809,000. This represents a 39.9 per cent increase from April 2020 and 1.0 per cent decrease compared to March 2021.
There were 1,098 new listings last month, an increase of 162.7 per cent compared to April of last year, and a 17.15 per cent increase compared to the previous ten-year average for April* (*calculated from 2019 to 2010 to adjust for the impact of the state of emergency on activity in April 2020).
The total number of homes available for sale in active status at the end of April was 458, a decrease of 21.8 per cent compared to April of last year, and 66.9 per cent below the previous ten-year average of 1,384 listings for April* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in April 2020).
The number of months of inventory was 0.7 in April, which is unchanged from March. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in April was 9 days, compared to 19 days in April 2020 and a previous 5-year average of 21 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to email@example.com.
Have a wonderful weekend and stay safe!