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
- 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.
- 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%