Housing sales drop slightly in August, but demand remains high: KWAR

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Home sales in August dropped slightly last month in Kitchener-Waterloo, but demand remained high in the area.

The monthly report from the Kitchener-Waterloo Association of Realtors said there were 535 residential homes sold in August 2021. It’s a 22.1 per cent drop from August 2020, when KWAR reported a record number of sales with 686.

“The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” said Nicole Pohl, KWAR president, in the monthly update. “They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.”

August’s residential sales broke down into 299 detached homes, 80 condo units, 38 semi-detached homes and 118 townhouses.

The average price for all residential properties in Kitchener-Waterloo was $753,296, which marks a 19.3 per cent increase over August 2020 when the average sale price was $634,409.

Detached homes sold for an average of $895,756, condos sold for an average price of $445,280, townhouses had an average sale price of $623,767, and semi-detached homes sold for an average of $683,048.

Homes were on the market in Kitchener-Waterloo for an average of 12 days in August 2021, down from 17 days in August 2020 and the five-year average of 26 days.