By Cindy-lou Schmidt
Frigid January temperatures and a polar vortex were no match for buyers!
Home sales were up 14.6 per cent in January with 307 homes sold compared to the same month last year, and up nearly 15 per cent compared to the previous 10-year average for January.
DAYS ON MARKET:
The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took
in January 2018.
Cindy-lou’s Simplified Market Update
NUMBER OF SALES:
189 detached homes were sold in January (up 26 per cent compared to January 2018). Of those sold:
- 80 condominium units (up 19.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
- 20 semi-detached homes (down 28.6 per cent)
- 17 freehold townhouses (down 19 per cent).
AVERAGE SALES PRICE SUMMARY:
The average sale price of all residential properties sold in January increased 5.3 per cent to $484,076 compared to January 2018. Broken down by style of home:
- Detached homes sold for an average price of $564,718 an increase of 1.9 per cent
- Apartment style condominiums increased by $305,334 on average (increase of 22.1 per cent).
- Townhomes sold for an average of$368,227 (up 0.7 per cent)
- Semis sold for an average of $407,852 (up 4.6 per cent)
HOMES LISTED ON MARKET
Realtors listed 858 residential homes in K-W and areas last month, a 25.5 per cent increase compared to January 2018. Trends:
- 810 active listings
- 11.4 per cent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January
Sellers: Market is great for selling and be sure to make the efforts to present your home well because more listings are arriving on the scene to compete with.
Buyers: Prices seem to be leveling out in term of sold price increases; however Waterloo Region remains a desirable place to be sure to be an active and purposeful buyer on homes you are genuinely interested in.
Prices look to be stabilizing or increasing at a more reasonable rate. Single-detached homes and condominiums continue to lead the market in the number of units sold. This really reflects the buying power of those who can afford a single detached home and the challenge of those in the lower price bracket who are securing condominiums but finding that semi-detached homes and semi-detached homes priced out of their budget.
I hope you enjoyed my Simplified Market Update. I strive to keep my clients and readers informed and empowered.
Full Official Full KWAR Media Release here.