On average, one home was sold in Kitchener and Waterloo about every 86 minutes last month.
Factor in sales in the townships of Wellesley, Wilmot and Woolwich, and the frequency was closer to one home changing hands every 77 minutes.
According to the Kitchener-Waterloo Association of Realtors, a record total of 577 homes were sold in the area in October – a 16 per cent increase over the previous record, which was set in 2009.
The values of the homes sold also continued to climb, with the median sale price for the month sitting at $375,000. In October 2015, the median sale price was just under $320,000.
The high-water marks for activity and sale price suggest a lot of people are interested in buying homes in the area – but other data indicates that there aren’t very many people looking to sell.
All year long, the number of homes listed for sale in the area has been significantly lower than it was at the same time one year earlier.
The realtors’ association says this trend continued in October, with 729 residential listings on the market as of the end of the month – 54 per cent fewer than there were one year earlier, and 11 per cent fewer than there were even one month earlier.
Year-to-date, the Kitchener-Waterloo real estate market has seen home sales increase by more than 18 per cent.
Realtors say they are still seeing a very competitive seller’s market, with many homes receiving multiple bids and selling for more than their asking price.
