We are dealing with straight-up demand for our community as an attractive place to live.
November is the fifth consecutive month of record home sales in the Kitchener-Waterloo area.
Another record-breaking month
There were 575 residential homes sold in November, another record-breaking month!
The previous ten-year average number of residential sales for November is 433.
Total residential sales in November included 341 detached homes (up 28.6% from November 2019)
The average sale price of all residential properties sold in November increased 13% to $637,336 compared to the same month last year
Detached homes sold for an average price of $753,641 an increase of 14.4%.
The median price of all residential properties sold in November increased 16.5% to $600,000.
The median price of a detached home during the same period increased 15% to $685,000.
There were 584 new listings added to the MLS System, an increase of 34.8% compared to November of last year, and 13% more than the previous ten-year average for November.
The number of Months of Supply (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.
In the past 5 years, the average supply for November was 1.8 months.
The sales-price-to-list-price ratio for all residential properties sold in November was 107.9%. In 2019, the monthly close price to list price ratio was at or near 100% from January through to December.
The average number of days to sell in November was 14 days, compared to 28 days in November 2019.
Further reading:
Kitchener-Waterloo Real Estate News
Keith’s real estate blog
Real estate videos
Source: KWAR
