Last month’s home sales in Kitchener-Waterloo were almost on par compared to February 2021.
“In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo and area.
While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.”
M Bell, President of KWAR
February Sales Breakdown:
- 331 Detached Home Sales
- 110 Condominium Sales
- 44 Semi-Detached Home Sales
- 115 Townhouse Sales
The average sale price of all residential properties sold in February is up by 33.6% to $1,007,109 compared to February 2021.
Average Home Price:
- $1,214,067 Detached Homes
- $572,731 Apartment-Style Condominiums
- $862,994 Townhomes
- $917,535 Semis
It took an average of 8 days to sell a home in February, compared to 10 days in February 2021. 290 homes were available for sale at the end of February, a decrease of 2.7% compared to February of last year.
Market recap from the President of KWAR:
“The low listing inventory is not because people are not selling their homes, in fact we saw a spurt in the number of new listings in February…With homebuying demand still going strong, competition remains high, and homes were snapped up quickly.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
