The Kitchener-Waterloo housing market broke records in March 2021. The month saw a total of 993 residential properties sold through MLS, up 72.7% from March 2020.
“This is the first time we’ve sold more than 900 homes in a single month,” says Nicole Pohl, President of KWAR. “The second-highest number of sales occurred in May 2017 when there were 816 sales through our MLS® System.”
Residential properties sold in March 2021 included 593 detached homes (up 69.4% from March 2020), 124 apartment-style condominium units (up 82.4%), 79 semi-detached (up 216%) and 197 townhomes (up 49.2%).
The average price of a home in Kitchener-Waterloo was $765,393 in March 2021, up 30.8% from March 2020. The average price of a detached home was $899,460, up 32.3% from March 2020. Additionally, condominium units sold for an average of $423,470 (up 12%), semi-detached for $652,669 (up 32.5%) and townhomes for $622,258 (up 35.9%).
There were 1,359 new listings added to MLS, an increase of 56.2% from this time last year. The total number of homes for sale at the end of March was 434, a decrease of 23.5% from March 2020. This number was 63.5% lower than the previous ten-year average of 1,188 listings available in March.
The average number of days to sell in March was 8 days, compared to 16 days in March 2020, and a previous five-year average of 21 days.
For the full report from the Kitchener-Waterloo Association of Realtors, click here.