Market Update: January 2020
The January 2020 real estate market was much different from a year ago. Last year there was talk of having 3 interest rate hikes, and we had really bad, cold weather. This year, however, there are talks on interest rate cuts and we’re experiencing warmer weather… all stimulating the market.
– We had a 15.4 % increase in overall sales compared to last year.
– All major home types had increases in the total amount of sales this January. The detached market, with 2,074 sales, continued to be the segment with the largest amount of sales followed by the condo segment.
– The detached segment had a huge jump of a 23.8 % increase in sales!
– We had a 35% decrease in the number of active listings compared to a year ago.
– The average sales price in January was $839,363. Up 12.3% from last year.
– All major home types had increases in the average sales price, however, due to the mortgage tightening rules and affordability, condos with an over 15% increase, had the biggest jump in prices.
– The average price of a detached home is $1,038,247 and the average price for condos was $630,047.
