Kitchener-Waterloo’s hot real estate market has continued its record-breaking run, bringing in some wild stats for the month of February. With demand remaining high amidst low supply, competition has driven prices to levels we have never before seen in our region.
Case in point, February ended with just 295 homes available for sale on Realtor.ca in the region, which is 73% below the previous ten-year average of 1,096 listings to close out the month. With more buyers vying for so few homes, it has not only inflated prices but has also kept the market moving extremely quickly. While it would take an average of 33 days for a home to sell in February over the last five years, this year that average dropped to just 10 days.
February 2021 marks the first time ever that the average home in Waterloo Region sold for more than $900,000, a milestone that reflects the intensity of the current demand. Detached homes, semis and townhouses all increased in price by at least 35% over last February, while apartment-style condos remained slightly more stable. While they still saw an 11.9% increase over February 2020 prices, it is a segment of the market that has not overheated nearly as drastically as the others.
Spring historically brings more listings to the market, and with COVID-19 restrictions starting to ease, we can look forward to a bit more supply on the way.
When the real estate market is moving so quickly, it’s important to have a professional in your corner to guide you through. That’s what we’re here for, and we’d love to talk with you anytime about when it’s the right time to buy or sell. Contact us anytime!
Read the full February report here