Those hoping to see home prices cool off in Kitchener-Waterloo are having to wait a little longer. The September 2021 stats are in, and it was another month of high prices and minimal inventory.
There were 506 homes sold this September, which is down 32.1% from the record-smashing month of September 2020. In fact, there were merely 345 available homes on the market at the end of the month, which is 35.5% fewer than the same month last year, and a whopping 73.2% fewer than the previous ten-year average of 1285 homes.
This tight inventory has maintained the intense competition in the market; more buyers are having to compete for the few properties that are listed. This dynamic has led to the average home price coming in at $792,599 for September, an increase of 24.2% over the same month last year.
Read the full report here.
If you’re thinking of selling, this could be an ideal time to get the best return on your property. If buying is in your plans, let us do the heavy lifting in helping you navigate your best path to success in this market. Contact us anytime!