Homes sales records broken again…for the 5th month in a row
Winter is on it’s way but home sales and sales prices continued their upward trend in November!
Watch the Simplified Market Update December 2020 for Kitchener-Waterloo and read through below for more statistics, trends and observations of where we stand in our KW real estate market.
NUMBER OF SALES
- 575 homes sold total in KWAR (up 35%)
- >>>>a decrease of 17 per cent compared to the previous month. The previous ten-year average number of residential sales for November is 433
- 341 detached homes (up 28.6%)
- 82 condominium apartments (up 60.7%)
- 112 freehold townhouses (up 53.4%).
- 40 semi-detached homes (up 5.2%)
AVERAGE SALES PRICE
- The average sale price of all residential properties up 13% to $637,336
- Detached homes up 14.4% to $753,641
- Apartment stylecondominium up 12% to $400,882
- Townhomes up 8.6% to $482,901
- Semi-detached homes up 30.4% to $562,988
MEDIAN PRICE
- The median price of all residential properties sold in November increased 16.5% to $600,000 and the median price of a detached home during the same period increased 15% $685,000.
NEW LISTINGS
- There were 584 new listings added to the MLS® System in KW and area last month, an increase of 34.8 per cent compared to November of last year, and 13 per cent more than the previous ten-year average for November.
MONTH’S SUPPLY AVAILABLE FOR SALE
The number of Months of Supply (also known as absorption rate) continues to be very low at just 1 month for the month of November.
The previous ten-year average supply of homes for November was 3 months, and in the past 5 years, the average supply for November was 1.8 months.
AVERAGE DAYS ON MARKET
- The average number of days to sell in November was 14 days, compared to 28 days in November 2019.
SALES TO LIST RATIO
- November sales-price-to-list-price ratio for all residential properties sold in November was 107.9%
- Previously, we saw a similar high in May of 2017 when it hit 108.6% For comparison, in 2019, the monthly close price to list price ratio was at or near 100% from January through to December. Since August it has been over 105%
Kindly,
Broker / Manager
Cindy-Lou is a dedicated Broker/Owner and REALTOR® based in Waterloo who is proud to serve her hometown and community. She is adamant in the value of home ownership both for the financial and wealth benefits, but also as a foundation of healthy communities. With 7 years in the real estate business, and as a private investor since 2005, her experience and strategic approach to homes sales has been pivotal in building loyalty with her clients over the years.
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