Record-breaking home sales in December caps off an exceptional 2020
What kind of year did we have in 2020 for Kitchener-Waterloo real estate? Well if December was any indication, it was one that has definitely separated itself from the rest!
There were 351 home sales in the month of December, which was a very remarkable 42 per cent more home sales compared to the same month last year.
This translated into the highest homes sales in December on record, and it is part of the reason 2020’s home sales hit over 6000 units sold — a threshold of transactions that we have only hit 3 times in our real estate board’s history.
Watch the Simplified Market Update January 2021 for Kitchener-Waterloo and read through below for more statistics, trends and observations of where we stand in our KW real estate market.
AVERAGE SALES PRICE OF ALL RESIDENTIAL HOMES SOLD IN DECEMBER 2020
- The average sale price of all residential properties up 14.4% to $634,545
- Detached homes up 11.9% to $755,618
- Apartment style condominium up 5.4% to $383,196
- Townhomes up 27.7% to $514,760
- Semi-detached homes up 27.7% to $574,659
TOTAL HOMES SOLD IN DECEMBER 2020 BROKEN DOWN BY STYLE
- 204 detached homes (up 46.7%)
- 63 condominium apartments (up 34%)
- 64 freehold townhouses (up 68.4%).
- 20 semi-detached homes (down 9.1%)
MEDIAN PRICE FOR HOMES SOLD IN DECEMBER 2020
- The median price of all residential properties sold in December increased 17.3% to $575,000
- The median price of a detached home during the same period increased 15.7% $660,000.
NEW LISTINGS IN DECEMBER 2020
- 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 December of last year, and 13 per cent more than the previous ten-year average for November.
AVERAGE DAYS ON MARKET IN DECEMBER
- The average number of days to sell in December was 16 days, compared to 23 days in December 2019.
TOTAL NUMBER (UNITS) OF RESIDENTIAL HOMES SOLD FOR THE YEAR OF 2020
- 6492 homes sold total in KWAR in 2020 (up 9%) from 2019
- 2020 annual sales were up 5% per cent compared to the previous 5 year average.
- Up 11.6% Compared to the previous ten-year average for the number of
TOTAL RESIDENTIAL HOMES FOR THE YEAR OF 2020 BROKEN DOWN BY STYLES OF HOME
- 3,899 detached (up 8.1%)
- 804 condominium units (up 18.9%) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.).
- 450 semi-detached homes (up 6.8%)
- 1,346 freehold townhouses (up 7%)
COMPARING THE AVERAGE SALES PRICE OF HOMES YEAR-OVER-YEAR
- On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019.
- Detached homes sold for an average price of $719,203 an increase of 16.9% compared to 2019.
- Apartment-style condominium up $391,698 for an increase of 13.7%
- Townhomes sold for an average of $468,891 (up 14.6%)
- Semi-detached sold for an average of and $520,753 (up 18.3%)
Dollar volume of all residential real estate sold last year increased 26.5 per cent to $3.9 billion compared with 2019.
The surge of demand for homes by buyers in an already low inventory market (since mid 2016) has led to homes prices that have again increased exponentially in a relatively short period of time.
Combined with low interest rates, and the need to more space, security, and stability, buyer behaviour points to a continuing trend in Kitchener-Waterloo real estate.