The Kitchener-Waterloo real estate market is seeing two unusual and seemingly contradictory trends this spring.
While the number of homes that sold locally in April set a new record for that month, data from local real estate agents shows that the number of homes being listed for sale is much lower than it has been in recent years.
“Buyers were competing for a limited number of listings,” Kitchener-Waterloo Association of Realtors president Charlotte Zawada said in a press release.
As of April 30, there were 1,272 homes listed for sale through the MLS system in Kitchener, Waterloo, Wellesley, Wilmot and Woolwich.
Realtors say that number is nearly 30 per cent lower than it was one year earlier.
A total of 667 properties changed hands in the area in April, the most ever for that month.
April 2007 saw 644 homes sold locally – but in that case, there were 40 per cent more homes listed than are currently up for sale.
Realtors say they expect more listings to pop up in the coming months, as prospective sellers look to take advantage of the high demand and low inventory.
