Simplified Market Update November 2020

Realtors® sell a record number of homes in October….deja vu?

It’s beginning to look a lot like Groundhog day! For the 4th month in a row, Kitchener Waterloo real estate numbers are showing that more homes have been sold each month for the last four months than ever before!

Watch the Simplified Market Update November 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 HOME SALES UNITS SOLD

  • 691 homes sold total in KWAR (up 28% compared to the same month last year)
  • down 9.6% compared to the previous month.
  • the previous ten-year average number of residential sales for October is 471.
  • 417 Detached homes (up 25.6%)
  • 94 Condominium apartments (up 34%)
  • 137 Townhomes (up 26.4%)
  • 46 Semi-detached homes (up 48.3%)

AVERAGE SALES PRICE

  • The average sale price of all residential properties is $635,301 (up 19.4% compared to the same month last year)
  • Detached homes up 21.7% to $742,596
  • Condominium apartments up 14.8% to $395,627
  • Townhomes up 15.6% to $499,641
  • Semi-detached homes up 16.6% to $539,434

MEDIAN PRICE

  • The median price of all residential properties sold increased 19.2% to $595,000 and the median price of a detached homes during the same period increased 20.5% to $686,000

NEW LISTINGS

  • There were 783 new listings added to the MLS® System in KW and area last month
  • There were 16% more listings introduced compared to the the same time last year and 11.5% more than the previous ten-year average for the month.

ABSORPTION RATE

  • The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month
  • The previous ten-year average supply of homes was 3.2 months, and in the past 5 years, the average supply was 1.8 months

AVERAGE DAYS ON MARKET

  • 13 days, compared to 23 days compared to the same month last year

FINAL NOTES

  • While Waterloo Region has been a strong destination on the map for GTA buyers since 2017, effects of COVID-19 are increasing this already strong influx of out-of-town buyers and investors.

If you’re looking on how best to strategize when buying or selling in 2020 and 2021, be sure to contact us at inbox@schmidtandcompany.ca to set up a consultation and plan of action that will take into account your plans and the current market so can best benefit.

Schmidt & Company Inc., Real Estate Brokerage
Schmidt & Company Inc., Real Estate Brokerage

Real estate. Simple.
4-180 Northfield Dr W, Waterloo ON N2L 0C7

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