Last month home sales in Kitchener-Waterloo were up 27.8% compared to February 2020.
“Competition for homes continued to be extremely intense in February, leading to a record-breaking number of home sales for the month.”
N Pohl, President of KWAR
February Sales Breakdown:
- 337 Detached Home Sales
- 101 Condominium Sales
- 47 Semi-Detached Home Sales
- 112 Freehold Townhouse Sales
The average sale price of all residential properties sold in February is up by 32.1% to $752,289 compared to February 2020.
We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply.
Buyers are very frustrated competing in this hyperactive market. The low inventory and mortgage rates are resulting in multiple offers, higher prices and creating a fear they are missing out on the chance to become homeowners in this unprecedented market.
Average Home Price:
- $910,126 Detached Homes
- $415,322 Apartment-Style Condominiums
- $609,566 Townhomes
- $684,787 Semis
It took an average of 10 days to sell a home in February, compared to 17 days in February 2020. 295 homes were available for sale at the end of February, a decrease of 33.6% compared to February of last year.
Market recap from the President of KWAR:
“We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply.”
To learn more about the market and what this means for you, connect with Suzanne.