Video Blog

This video provides a summary of the Waterloo Region housing market stats for the month of December, 2020.  It comes as no surprise that inventory continues to dwindle and competition remains fierce in the marketplace.  Lets take a look at some of the key metrics (Relative to December 2019):

• Median Sales Price was $605,000 – ↑ 21.0%
• Median Days on Market was 8 days – ↓ 11 days
• Total Number of Sales was 488 – ↑ 45.7%
• Total Number of Listings was 376 – ↑ 50.4%

Despite sales prices being slightly down relative to November of 2020, the year-over-year median price increase increased by 21%.  This has been caused by significant inventory issues in the local real estate market.  With inventory levels so low at the end of the year, months inventory was sitting at about 1 weeks supply.  This means that if there were to be no new home listings, it would theoretically only take about a week to sell all of the active homes on the market.

As we look forward into the New Year, it is my hope that we see a significant influx of new listing inventory sooner than later.  Otherwise, bidding wars will continue to be the norm, and prices will continue to skyrocket.

For those who are thinking about selling this year.  The hot Spring real estate market came early this year.  Despite the cold weather, the market for sellers is hot!  And for buyers, patience and persistence will be imperative for the foreseeable future.

If you have any questions about the market, or are thinking about buying or selling, please feel free to reach out to me.  I am always here to help!