AVERAGE PRICE OF A DETACHED HOME HITS NEW HIGH
Nothing has been typical about our housing market for a great number of days.
January’s home sales were more active than what we typically see this time of year. There were 351 residential homes sold in January, an increase of 24.9% compared to January 2020. The previous 10-year average number of residential sales for January is 286.
Total residential sales in January included 201 detached (up 31.3% from January 2020), and 71 condominium units (up 97%). In January, the average sale price of all residential properties sold in 2021 increased by 23.9% to $695,582 compared to the same month last year.
The average price of a detached home hit a new milestone by exceeding $800K for the first time at $853,945 an increase of 27.3%. The average sale price for an apartment-style condominium was $383,196 for a decrease of 1.4%.
Townhomes and semis sold for an average of $566,345 (up 29%) and $626,512 (up 29.3%) respectively.
The median price of all residential properties sold in January increased 25.9% to $680,000. The median price of a detached home during the same period increased 23.3% to $801,500.
The number of months of inventory in Waterloo region has remained below 1 month since October.
There were 432 new listings added to the MLS® System in KW and area last month, a decrease of 7.4% compared to January of last year, and 37.6% decrease compared to the previous ten-year average for January.
The average number of days to sell in January was 16 days, compared to 22 days in January 2020 and a previous 5-year average of 30 days
Further reading:
Kitchener-Waterloo Real Estate News
Keith’s real estate blog
Real estate videos
Source: KWAR
