|There were 686 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® 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.
“Waterloo Region has had an extremely hot market all summer,” said Colleen Koehler, President of KWAR.
”Following a 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.”
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.
“This summer, local home sales rebounded from the COVID-19 slow down we had in the spring,” said Koehler. “While not as heated as July, August sales were another month for the record books, as home buyers returned to the market with renewed intensity.”
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.
WAFFLES IN THE WAREHOUSE
The Food Bank of Waterloo has seen a huge surge in demand since the pandemic so they need our help now more than ever before. One great way we can help this wonderful organization is to support their annual “Waffles in the Warehouse” fundraiser.
10 REASONS WHY YOU SHOULD USE AN AGENT WHEN SELLING YOUR HOME
If you're planning on selling your home, you may have considered putting up a "For Sale" sign and doing it yourself but there are many potential pitfalls that could end up costing you far more than you’d save.
Just as it's not recommended to represent yourself in court, marketing and negotiating your biggest asset on your own can be a very risky move. Here are ten reasons why you should use a real estate agent to help sell your home:
1.) Mass Exposure
2.) Marketing Fees
3.) Time Is Money
4.) Carrying Costs
5.) Stigma Status
6.) Expert Advice
7.) Qualified Buyers
8.) Third-Party Negotiator
9.) Corona Crisis
10.) Splitting Headache
Selling a home privately can be risky which essentially means you're gambling with your biggest asset. Do-it-yourself jobs are great in certain situations but when it comes to selling your home, it's best to have a professional on your side who will look out for your best interests during this complex transaction.
FIRE PREVENTION WEEK: KITCHEN SAFETY
Fire Prevention Week begins on October 4th and this year’s theme is “Kitchen Safety”.