Simplified Market Update October 2020

Realtors® sell a record number of home in September

September saw KW help to more than makeup for the lack of a spring market this year with farm more home sales happening in September than previously by a 41.6% increase compared to the same time last year.

Watch the Simplified Market Update October 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

  • 758 homes sold total in KWAR (up 41.6% compared to the same month last year)
  • 431 Detached homes (up 28.6%)
  • 93 Condominium apartments (up 127%)
  • 178 Townhomes (up 40%)
  • 54 Semi-detached homes (up 59%)

AVERAGE SALES PRICE

  • The average sale price of all residential properties is $637,691 (up 17.5% compared to the same month last year)
  • Detached homes up 25% to $768,762
  • Condominium apartments up 13% to $390,690
  • Townhomes up 8.7% to $476,636
  • Semi-detached homes up 16.5% to $544,874

MEDIAN PRICE

  • The median price of all residential properties sold increased 13.7% to $580,250 and the median price of a detached homes during the same period increased 16.5% to $676,000

NEW LISTINGS

  • There were 929 new listings added to the MLS® System in KW and area last month
  • There were 13% more listings introduced compared to the the same time last year and 17.7% 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 3.3 months, and in the past 5 years, the average supply was 2.2 months

AVERAGE DAYS ON MARKET

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

FINAL NOTES

  • The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months.

If you’re looking on how best to strategize when buying or selling, 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.

Kindly,

This image has an empty alt attribute; its file name is clsig-e1594417064309.png
Cindy-Lou Schmidt
Cindy-Lou Schmidt

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.

Find me on: Instagram