The housing run in Waterloo Region continued through August as the number of homes sold in that month hit a record high.
The Kitchener-Waterloo Association of Realtors (KWAR) said that 686 homes were sold through the Multiple Listing System last month. That's the highest number of homes ever sold in August, and almost 50 per cent more than the number of homes that sold in August of last year.
"Waterloo Region has had an extremely hot market all summer," said KWAR President Colleen Koehler in a news release.
"Following a spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly."
The previous 10-year average for the number of residential sales in the month of August is 470.
The number of homes sold last month is broken down as follows:
- 433 detached homes (up 61.5 per cent from August 2019);
- 79 condominiums (up 38.5 per cent from August last year);
- 138 townhomes (up 40 per cent from August 2019); and
- 39 semi-detached homes (no change)
The average sale price of residential properties in Kitchener-Waterloo last month rose 21 per cent compared to August of last year to $634,409, while the median price hit $597,955.
A detached home sold for an average price of $734,427. The average residential listing sold in 16 days last month, compared to 26 days the same month last year.
More than 830 new listings were added to the Multiple Listing System in August.