The 2020 edition of our Stratford Single Detached Home Report will examine:

  • Number of New Listings
  • Number of Sales
  • Average & Median Sale Price
  • Days on Market
  • List Price to Sale Price Ratio

In 2020, the Stratford single detached residential market was not excluded from the bounty of residential sales activity across Southern Ontario.

According to the sales reported by the Huron Perth Association of REALTORS (HPAR), the average price of a single detached home in 2020 was $509,167, which is a year-over-year increase of 16.7%. There was a total of 376 sales in 2020.

(This report focuses exclusively on single detached homes that sold in Stratford).

Number of Sales

  • There were a total of 374 single detached home sales in Stratford in 2020, almost identical to 2019’s 374 sales.
  • Despite having a dramatic reduction in sales during the beginning of the pandemic, total sales in 2020 still managed to surpass 2019’s numbers.

Average Sale Price

  • The annual average sale price increased by a staggering 16.7% from $436,235 in 2019 to $509,167 in 2020.
  • October 2020 experienced the highest monthly average sale price to date at $610,786.

Median Sale Price

  • 2020’s median sale price outperformed 2019 in every single month.
  • The year closed off with a 22.5% increase in December prices, rising from $445,000 to an all time high of $545,000 year-over-year.

List Price to Sell Price Ratio

  • The lack of inventory in Stratford created multiple offer situations in many sales.
  • Almost all homes in town sold significantly over asking price in 2020. This ratio increased greatly throughout the fourth quarter of the year.
  • December 2020 concluded with the average single detached home selling for 109.0% of asking price.

Days to Sell (Median)

  • Homes in Stratford sold in an all-time low number of days on market.
  • In 2020, the median number of days on market was just 8.
  • It appears this is the lowest we will see this number go, as it has become the “new normal” in Stratford for sellers to list their home and schedule offers to be presented one week later.

Number of New Listings (Inventory)

  • In total, more homes were listed in 2019 (450 new listings) than in 2020 (396 new listings).
  • This is due to the large decrease in new listings at the beginning of the pandemic.

Projected Real Estate Market Conditions

At Chestnut Park/Christie’s International Real Estate, we believe the market will continue to perform at the same rate as we experienced in 2020.

Due to the high volume of sales activity in 2020, we anticipate there could be a shortage of inventory available in 2021.  Should this occur, prices will most likely continue to accelerate due to the higher demand as more buyers seek home ownership in the towns outside of the GTA. 

There are three main factors contributing to our opinion which include:

  1. The Pandemic: For this first time in decades, Stats Can reported that Metropolitan Toronto experienced a decline of 50,300 in population from July 2019 to July 2020.  Conversely, areas outside of the Downtown core absorbed this population migration.
  2. Mortgage Interest Rates: We are at this time experiencing the lowest interest rates recorded in history.  This week, The Hanley Mortgage Group, (a preferred mortgage brokerage firm of Chestnut Park) posted their variable and 5-year special rate of 1.6%. Rates are expected to continue to stay low with no anticipated Bank of Canada rate increase projected or expected for 2021 and into the first half of 2022.
  3. Government Stimulus:  The current government is committed to a $100 Billion Stimulus Package to ease the economic impact of the COVID-19 crisis in order to build the economy and help keep Canada on its positive growth path.

All statistics gathered from Huron Perth Association of REALTORS (HPAR).

This publication is not to be copied or duplicated without the express written permission of Roxanne Finn or Claxton Finn.

This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.

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