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Market Updates

Kitchener – Waterloo Real Estate Market Recap: November 2021

Last month’s home sales in Kitchener-Waterloo were up 4.4% compared to November 2020.

 

“The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November. Despite some speculation of there being a housing market correction in store for Waterloo Region, sustained homebuying demand combined with a record low level of inventory in November produced continued price growth in the MLS® HPI benchmark price.”

M Bell, President of KWAR

 

November Sales Breakdown:

  • 324 Detached Home Sales
  • 106 Condominium Sales
  • 30 Semi-Detached Home Sales
  • 136 Freehold Townhouse Sales

The average sale price of all residential properties sold in November is up by 28.9% to $821,969 compared to November 2020.

Average Home Price:

  • $990,447 Detached Homes
  • $494,548 Apartment-Style Condominiums
  • $700,476 Townhomes
  • $717,143 Semis

It took an average of 10 days to sell a home in November, compared to 14 days in November 2020. 207 homes were available for sale at the end of November, a decrease of 40.2% compared to November of last year.

Market recap from the President of KWAR:

“Lack of supply continues to be the refrain in November…With inventory hitting an all time low it is a tough time to be house hunting right now.

There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

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