Low inventory and high demand kept the heat on the local housing market in July.
With some of the lockdown restrictions lifting and residents of KW a little freer to enjoy the summer, there were decidedly fewer homes listed for sale last month. In fact, there were 24% fewer new listings in July 2021, compared to July 2020! This lack of inventory has sustained the demand for housing in the local market, keeping prices high.
While we are still seeing double-digit increases in prices in most categories over last year, the month to month changes are becoming much less dramatic. So, while prices are high, they do at least appear to be somewhat stable for the time being.
July 2021 saw 611 residential homes sold in Kitchener-Waterloo, which is down 17% from July 2020. However, it is still higher than the previous 10-year average. Of these homes, the average sale price was $755,681, which represents an 18.2% increase over the same month last year and a decrease of 0.6% from June 2021.
The housing market has certainly not taken a summer vacation, with the average home selling in just 11 days, compared with the 10-year average of 22 days for the month. Potential buyers have had to act quickly to get a piece of the July real estate pie in KW this year.
If you have questions about the local real estate market, we are always here to help!