Average Waterloo Region home price climbs to $600K for the first time
KITCHENER -- The real estate market in Waterloo Region appears to be hot again after the spring market got off to a slow start because of the COVID-19 pandemic.
According to Kitchener-Waterloo Association of Realtors (KWAR), the number of homes sold in Waterloo Region through June increased by 57.6 per cent compared to the month before.
That puts the number of homes sold—673—at 2.1 per cent higher than June of last year.
"After a pandemic-induced delay to the typical spring market, home sales sprung back to life in a big way in June," said KWAR President Colleen Koehler in a news release.
"As Waterloo Region entered stage two of reopening, we saw many buyers and sellers resuming their home buying and selling plans."
The average price of all residential properties sold through June jumped more than 12 per cent to $601,285, the first time it has been over $600,000.
The average price of a detached home increased 13.2 per cent year-over-year to $698,736.
The median price of a residential property sold in June was $564,000.
Year-to-date sales compared to last year are down 15.6 per cent, but Koehler said she thinks that will change.
"I expect for the remainder of 2020 will see the number of home sales returning to near historical levels," says Koehler.
"There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking a hiatus this summer."
KWAR reported 920 new listings in June, the highest number in a single month since May of 2019.
The average home took about 16 days to sell last month, 25 per cent less than the same month last year.