Kitchener-Waterloo real estate sales see 'most active June on record'
Increasing demand, combined with fewer listings have pushed the average price of a home to $451K
Home sales in Kitchener and Waterloo soared to new heights in June, "the most active June on record," according to the Kitchener-Waterloo Association of Realtors.
The KWAR reported 740 properties were sold in June, a 13 per cent jump over the same time last year and an almost 30 per cent rise above the five-year average for the month.
Lower housing inventories added heat to an otherwise hot local real estate market, with KWAR reporting half the available listings on the MLS system in June compared to the same time last year.
The frenzied sales activity comes as house hunters in the twin cities increasingly encounter bidding wars, with certain homes going far above asking price, sometimes with no conditions.
KWAR reported Thursday 485 single-detached homes sold in June, along with 145 condo units, 46 semi-detached homes and 54 freehold townhouses.
All of it has pushed the average price of a single-detached home in the twin cities to $451,289, more than 10 per cent above what it was at the same time last year.