Waterloo Region Condo Market cooling with increased inventory and fewer buyers
I hope you are having a great start to summer and enjoyed the Canada Day Long weekend. I know the golfers have had some mixed weather but for the most part the grass is still nice and green.
The stats are out for June and we have seen some cooling in the real estate market here in Waterloo Region. Listing inventory is growing and it seems that the buyers are staying on the sidelines waiting for rates to come down a little more. Let’s dive into the stats to take a look…
In June, a total of 674 homes were sold, which represents a decrease of 13.7 per cent compared to the same period last year and a decline of 24.8 per cent compared to the average number of homes sold in the previous ten years for the same month.
Total residential sales in June included 424 detached (down 9.6 per cent from June 2023), and 136 townhouses (down 8.7 per cent). Sales also included 66 condominium units (down 44.5 per cent) and 47 semi-detached homes (up 14.6 per cent).
In June, the average sale price for all residential properties in Waterloo Region was $790,945. This represents a 5.8 per cent decrease compared to June 2023 and a 3.3 per cent decrease compared to May 2024.
- The average price of a detached home was $900,307. This represents a 10.3 per cent decrease from June 2023 and a decrease of 4.6 per cent compared to May 2024.
- The average sale price for a townhouse was $663,642. This represents a 0.6 per cent decrease from June 2023 and an increase of 2.0 per cent compared to May 2024.
- The average sale price for an apartment-style condominium was $462,145. This represents a decrease of 1.8 per cent from June 2023 and an increase of 0.5 per cent compared to May 2024.
- The average sale price for a semi was $649,353. This represents a decrease of 6.7 per cent compared to June 2023 and a decrease of 7.2 per cent compared to May 2024.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | June 2024 | Monthly % Change | Yr./Yr. % Change | June 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $741,500 | -1.4 | -5.6 | $755,200 | -0.7 | -3.1 |
| Detached | $852,900 | -1.6 | -5.1 | $791,900 | -0.6 | -3.1 |
| Townhouse | $626,400 | -1.2 | -3.9 | $652,600 | -0.7 | -0.6 |
| Apartment | $455,800 | -0.5 | -4.7 | $490,600 | -1.1 | 1.6 |
The average selling price for residential properties has decreased by 5.8 per cent since June 2023, with detached homes showing the most significant drop at 10.3 percent. This indicates a broader softness in the market and a shifting from a Sellers market to a more balanced market at the moment. The silver lining is this presents a more favourable pricing environment for buyers, with more choices, greater flexibility, and the potential to negotiate better deals.
There were 1,431 new listings added last month, an increase of 7.6 per cent compared to June last year and a 10.6 per cent increase compared to the previous ten-year average for June.
The total number of homes available for sale in active status at the end of June was 1,790, an increase of 75.5 per cent compared to June of last year and 31.9 per cent above the previous ten-year average of 1,357 listings for June.
Market-wide inventory levels were up 73.7 per cent, with 3.3 months’ supply for all property types at the end of June. The property type that gained the most inventory was the condo apartment segment, which increased by 103.1 percent. That amounts to 6.5 months’ supply for condo apartments, 2.8 months for detached homes, and 3.2 months for townhouses. The number of months of inventory represents the amount of time it would take to sell off current inventories at the current sales rate.
The average number of days to sell in June was 18, compared to 15 days in June 2023. The previous 5-year average is 15 days.
If you have any questions at all, are thinking of making a move this summer and wondering what your home might be worth, give me a call or text to 519-497-4646 and we can sit down for a coffee and chat about your family’s needs going forward.
Enjoy the rest of your July!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
Waterloo Region Condo Prices Edging Up but Inventory Still Low
Hope all is well with you and your family. It looks like spring is here and hopefully the nicer weather will be here to stay very soon. Taking a look at the Waterloo Region Real Estate Market, sales are still down but prices are edging up mostly due to the tightening of inventory once again. The GTA buyers have returned as well which is providing increased demand for housing. Lets take a look at the stats….
Sales volume remained subdued last month, with 670 homes sold in April, representing a decrease of 22.0 per cent compared to April 2022 and 18.0 percent below the previous 5-year average for the month.
The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year. However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.
Total residential sales in April included 404 detached (down 22.8 per cent from April 2022), and 119 townhouses (down 20.7 per cent). Sales also included 95 condominium units (down 18.1 per cent) and 51 semi-detached homes (down 25.0 per cent).
In April, the average sale price for all residential properties in Waterloo Region was $797,716. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.
- The average price of a detached home was $925,219. This represents a 10.7 per cent decrease from April 2022 and an increase of 1.7 per cent compared to March 2023.
- The average sale price for a townhouse was $664,519. This represents a 12.7 per cent decrease from April 2022 and an increase of 3.9 per cent compared to March 2023.
- The average sale price for an apartment-style condominium was $488,971. This represents a decrease of 18.3 per cent from April 2022 and an increase of 1.5 per cent compared to March 2023.
- The average sale price for a semi was $686,792. This represents a decrease of 10.1 per cent compared to April 2022 and a decrease of 1.9 per cent compared to March 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | April 2023 | Monthly % Change | Yr./Yr. % Change | April 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $759,600 | 2.7 | -14.7 | $774,500 | 3.8 | -12.8 |
| Detached | $865,100 | 3.0 | -13.0 | $809,300 | 4.3 | -12.0 |
| Townhouse | $611,600 | 1.9 | -20.3 | $647,000 | 0.8 | -17.1 |
| Apartment | $484,900 | 2.3 | -13.4 | $491,900 | 1.8 | -16.0 |
Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily. Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.
There were 869 new listings added last month, a decrease of 49.4 per cent compared to April of last year and a 33.2 per cent decrease compared to the previous ten-year average for April.
The total number of homes available for sale in active status at the end of April was 703, a decrease of 25.9 per cent compared to April of last year and 49.7 per cent below the previous ten-year average of 1397 listings for April.
The number of months of inventory is up 8.3 per cent compared to April of last year, but still historically low at 1.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in April was 16, compared to 9 days in April 2022. The previous 5-year average is 16 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring or summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful May and Happy Early Mothers Day to all the Mom’s!
Kevin
KW Condos and Lofts.com 