The Kitchener-Waterloo housing market continued to break records in May 2021. The month saw a total of 854 residential properties sold through MLS, up 100.9% from May 2020.
“While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity,” says Nicole Pohl, President of KWAR. “Prior to 2020, the previous 10-year average number of residential sales for May was 656.”
Residential properties sold in May 2021 included 485 detached homes (up 85.8% from May 2020), 106 apartment-style condominium units (up 152.4%), 74 semi-detached (up 72.1%) and 188 townhomes (up 138%).
The average price of a home in Kitchener-Waterloo was $740,103 in May 2021, up 30.4% from May 2020. The average price of a detached home was $868,990, up 32.6% from May 2020. Additionally, condominium units sold for an average of $457,935 (up 38.6%), semi-detached for $659,975 (up 36.8%) and townhomes for $601,987 (up 33.7%).
There were 1,061 new listings added to MLS, an increase of 83.2% from this time last year. The total number of homes for sale at the end of April was 448, a decrease of 20% from May 2020. This number was 70.5% lower than the previous ten-year average of 1,520 listings available in May.
The average number of days to sell in May was 9 days, compared to 21 days in May 2020, and a previous five-year average of 20 days.
For the full report from the Kitchener-Waterloo Association of Realtors, click here.