When comparing the real estate market in October to the month of September, it was just more of the same for Kitchener and Waterloo. There were not many options out there for people looking to buy a home.
The average number of listings on the market continues to dwindle and it’s a trend that is likely to continue until January.
“We’ve seen the craziness of September carry over into October, with another month of low inventory and ever-increasing prices,” says Greig Turvey, Sales Representative, GoWylde Team/ReMax.
The average sale price in Kitchener/Waterloo is up another 5% month over month, at $813,427. That number is up a whopping 31% since October of last year. When you look at the average sale price for detached homes—currently sitting at $969,093—it is up 32% year over year. For attached houses that figure is 41%.
On average, properties are selling for 15% over the list price. But about 10% of buyers who successfully purchased a property in October paid more than 30% above asking price. That’s a substantial sum, which equates to between $250,000 and $427,000.
With prices this high and inventory this low, sellers shouldn’t be afraid to list their homes over the winter months, which are typically a quieter time in real estate; there is such pent-up demand from buyers.
While conventional wisdom dictates that there will be greater movement in the spring, it will be interesting to see if the tail end of 2021 holds any surprises in store for us. If we’ve learned anything these past two years, it’s that change is the only constant.
Stay up to date with the latest market trends in Kitchener and Waterloo with real estate agents Brad Wylde and Greig Turvey. Visit the GoWylde Team or call 519-826-7109 for more information.