Home sales in Waterloo Region were above average in February, according to the Kitchener-Waterloo Association of Realtors, putting it almost on par with the same month last year.
Six hundred residential homes were sold, an increase of 48.5 per cent compared to January.
The average sale price of all residential properties sold also came in at over $1 million for the first time in February. Just two months before, the average price for a detached home surpassed $1 million for the first time. The average price for a detached home is now $1.21 million.
“While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.” Megan Bell, president of KWAR, explained in a news release.
The breakdown of February sales is as follows:
- 331 detached -- down 2.1 per cent compared to February, 2021.
- 115 townhouses -- up 2.7 per cent.
- 110 condominiums -- up 7.8 per cent.
- 44 semi-detached homes -- down 4.3 per cent.
Bell added that with home buying demand still strong, competition remains high and homes were snapped up quickly.
There were over 800 new local listings added to the MLS System last month, an increase of 9.5 per cent compared to February, 2021. On average, it took just eight days to sell a home last month.
