January 2017 – Record breaking

The first month of 2017 was record breaking, not in a good way if you are a home buyer in Waterloo Region.

Here are the numbers:

1. There were only 367 listings at the end of this January. By contrast, there were 1068 in January 2016.
2. Despite the low inventory, January 2017 was the busiest since January 2010. 327 properties were sold.
3. The average sale price of properties sold in January 2017 was 19.7% higher than in 2016.
4. The average days on the market was 22 days compared with 47 days a year ago.
5. The average single detached home was $501,821. That is 22.7% higher than a year ago.

Source