The average cost of a home showed signs of stability in Waterloo Region in August, according to figures released by the Kitchener-Waterloo Association of Realtors.
While the year-over-year numbers saw a dramatic increase to $634,409 this year from $524,482 in 2019, the average cost of a home actually decreased slightly from July when it came in at $639,814.
“This summer, local home sales rebounded from the COVID-19 slow down we had in the spring,” KWAR president Colleen Koehler said in a release. “While not as heated as July, August sales were another month for the record books, as home buyers returned to the market with renewed intensity.”
The cost of a detached home painted a similar picture as it increased by 18.9 per cent year-over-year to $734,427 but was down slightly from July’s lofty heights of $745,149.
While August is not normally a brisk month for real estate sales, homes continued to sell at a brisk pace.
The area saw 686 residential properties change hands last month, which is a record for August in the area.
That number represented 48 per cent increase from a year ago but an eight per cent decrease from July.
The 10-year average for the area is 470.
“Waterloo Region has had an extremely hot market all summer,” Koehler said. ”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.”
KWAR says that 833 homes were listed in the area in August, a 43.8 per cent increase from a year ago and 26.4 per cent above the 10-year average.