The market heats up for the second month in a row
In Kitchener-Waterloo, February home sales experienced very solid growth compared to the same period in 2015. Sales volume increased by 28.2% while the average sale price was up 10.3%. Furthermore, 42% of all sales occurred between the margins of $250,000-$350,000.
In 2015, February was a particularly cold month, with the average daily temperature high only reaching -9.3 degrees celsius. Historically, colder weather deters Buyers from heading out to view potential purchases.
In 2016, the average daily high for February was a much warmer 1.1 degrees celsius. This can help to explain the large increase in sales volume. However, the Waterloo region seems to be continuing a strong period of growth for the second month in a row. If we compare the sales volume in February 2016 to the 5 year average, it’s still up a substantial 18.6%.
Month to month comparisons are helpful for determining regional market indicators but not individual property values. Have questions about the local real estate market or what your home may be worth? We’re always available for an email or conversation, just contact us.