2022 came in like a lion in the KW real estate market, setting new sales records in January. The 402 sales over the course of the month represent a new record high for January, well more than the 10-year average of 291.
And, it’s not just the number of sales that grew! The average home sold for $955,665, which is a whopping 37.3% more than January 2021, and 13.6% higher than December 2021.
These stats all point to the sustained pressure on housing supply in the region. Historically a slow month, January’s market maintained the breakneck pace of the last few months. It took the average home just 9 days to sell, compared to 16 days in January of last year, and the previous 5-year average of 24 days.
All this activity left just 174 available listings at month-end, which is 80.3% below January’s previous 10-year average of 883.
Between rising inflation and the imminent announcement from the Bank of Canada that will see interest rates start to rise from record lows, buyers who can afford to move in the current market have been highly motivated to do so.
While we can anticipate that rising interest rates will impact local housing prices, there are many other factors at play. We have our fingers on the pulse of the market conditions in KW, and are always happy to discuss the best strategy for your real estate journey. Contact us anytime!
Read the full market report here.