High Demand and Low Supply for the August Real Estate Market

September 3, 2021

The high real estate prices in KW held their own for the month of August, hovering around the same levels we’ve been seeing consistently throughout 2021 thus far. However, the supply was definitely lacking, with only 535 homes sold over the course of the month. This is 22.1% lower than the hot month of August 2020, and down 12.3% from July 2021. With summer in full swing and the province fully in step 3 of reopening, many potential sellers in Ontario were likely enjoying some long-awaited summer fun instead of listing their homes for sale.

This lack of inventory has kept the demand at an all-time high, with homes taking only 12 days to sell, compared to 17 days in August 2020. The previous 10-year average for August is 26 days, so to snag a home last month, buyers had to be quick!

The average sale price of a residential home in KW was $753,296, representing a 19.3% increase over August 2020 and a 0.3% decrease from July 2021.

As summer winds down and the routine of September sets in, what will that mean for the housing market? Contact us anytime to discuss how best to navigate the current market, and let us help make it is as easy as possible for you to buy or sell.