There was no winter chill in the Kitchener-Waterloo real estate market this February. Sustained demand kept prices high, despite 806 new listings hitting MLS over the course of the month. That figure represents a 24.3% increase over the previous ten-year average for February, and a 9.5% increase over the same month last year. So, the crunch on inventory was not for lack of listings!
More listings brought more sales, with February’s total reaching 600 homes sold in the region, well more than the previous ten-year average of 424. Houses were snapped up quickly, taking an average of just eight days to sell. And, they were selling for some pretty high prices.
Now, not only are detached homes selling for over a million dollars on average, but that milestone has been extended to ALL residential homes. Coming in at $1,007,109, the average home price is up a whopping 33.6% over February 2021. Prices across all segments have continued to rise, raising legitimate concern about affordability.
While this week’s long-anticipated announcement about rising interest rates could serve to cool off the market a bit, the huge demand for homes in Waterloo Region is likely to keep the market strong going forward.
Read the full report here.