Average Price of a Detached Home Reaches Million-dollar Milestone in December
KITCHENER-WATERLOO, ON (January 5, 2022) –– The 7,581 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.
On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.
“Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units,” says KWAR’s president, Megan Bell. “While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.”
Total residential sales in December included 177 detached (down 12.4 per cent from December 2020), and 56 condominium units (down 11.1 per cent). Sales also included 23 semi-detached homes (up 9.5 per cent) and 88 townhouses (up 37.5 per cent).
For 2020, total residential sales included 4,272 detached (up 10.8 per cent), and 1,602 condominium units (up 20.9 per cent). Sales also included 578 semi-detached homes (up 31.1 per cent) and 1,602 townhouses (up 20.9 per cent).
In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.
- The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 per cent compared to November 2021.
On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.
- The year-to-date average price of a detached home was $920,726. This represents a 28.0 per cent increase compared to 2020.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.
- The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 per cent increase compared to November 2021.
“Supply not keeping up with demand was a steady refrain in 2021, and unfortunately I expect that will continue to be the case in the year ahead,” says Bell. “We need all levels of government working together to bring more supply into the housing market.”
The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.
The average days to sell in 2021 was 10 days, compared to 16 days in 2020 and a previous 5-year average of 22 days.
Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.
Click here for the full article: https://kwar.ca/home-sales-2021/