Hope you enjoyed a wonderful long weekend and are ready for the back to school season. Be mindful on the roads in the coming weeks with the little ones out and about.
It was another record setting month for home sales here in Waterloo Region. The market continues to be a serious sellers market with many mulitple offers on properly priced homes and condos. Here are some stats below to bring you up to date.
There were 686 residential homes sold through the Multiple Listing System (MLS® System) in August, the most ever recorded for the month. August’s home sales represented an increase of 48 per cent compared to the same month last year, and a decrease of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for August is 470.
The market has been hot all summer after a slower spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly once again.
Total residential sales in August included 433 detached homes (up 61.5 per cent from August 2019), and 79 condominium apartments (up 38.5 per cent). Sales also included 138 townhouses (up 40 per cent) and 39 semi-detached homes (no change).
The average sale price of all residential properties sold in August increased 21 per cent to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 per cent. During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 per cent. Townhomes and semis sold for an average of $495,932 (up 18.3 per cent) and $535,330 (up 21.1 per cent) respectively.
The median price of all residential properties sold in August increased 20.8 per cent to $597,955 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8 per cent compared to August of last year, and 26.4 per cent more than the previous ten-year average for August.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of August. The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.
The average days to sell in August was 16 days, compared to 26 days in August 2019.
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 firstname.lastname@example.org.
Enjoy your September!