March Home and Condo Sales Slump in March for Kitchener, Waterloo and Cambridge
I hope you had a nice Easter long weekend with the family last week and got to enjoy some time together making new memories. The Easter bunny came to our place too in the form of 4 new chickens and 2 ducks for our newly constructed coop 🙂
The stats for March came out and Waterloo Region experienced record low home sales. The market is tight for inventory once again and multiple offers are showing up for well priced homes in the 700-900k range.
Let’s take a look at the numbers….
In March, a total of 596 homes were sold, this represents a decrease of 3.2% compared to the same period last year and a decline of 33.4% compared to the average number of homes sold in the previous 5 years for the same month.
Despite the challenging market conditions, the first quarter of 2024 saw an increase in home sales, marking an 8.0 per cent rise compared to the previous year. However, these figures still fall short of the first-quarter sales of the past decade.
While home sales in Waterloo Region hit a record low for March in over two decades, we’re also witnessing a positive trend. Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring.
Total residential sales in March included 344 detached (down 3.9 per cent from March 2023), and 127 townhouses (down 0.8 per cent). Sales also included 86 condominium units (down 1.1 per cent) and 37 semi-detached homes (down 11.9 per cent).
In March, the average sale price for all residential properties in Waterloo Region was $806,279. This represents a 3.6 per cent increase compared to March 2023 and a 6.6 per cent increase compared to February 2024.
- The average price of a detached home was $954,342. This represents a 4.9 per cent increase from March 2023 and an increase of 7.3 per cent compared to February 2024. Â
- The average sale price for a townhouse was $667,810. This represents a 4.4 per cent increase from March 2023 and an increase of 6.0 per cent compared to February 2024. Â
- The average sale price for an apartment-style condominium was $483,085. This represents an increase of 0.3 per cent from March 2023 and an increase of 5.3 per cent compared to February 2024. Â
- The average sale price for a semi was $680,039. This represents a decrease of 2.9 per cent compared to March 2023 and an increase of 1.0 per cent compared to February 2024.Â
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | March 2024 | Monthly % Change | Yr./Yr. % Change | March 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $740,900 | 1.6 | 0.0 | $747,500 | 0.7 | 0.9 |
| Detached | $853,800 | 1.5 | 1.3 | $780,100 | 0.8 | 1.1 |
| Townhouse | $614,900 | 2.3 | 1.3 | $652,400 | 0.6 | 2.4 |
| Apartment | $461,900 | 2.1 | -0.7 | $490,500 | 2.8 | 3.4 |
Home prices have been gradually increasing since December, which is a typical trend that we see going into a spring market. The rate and extent of further increases will depend on the willingness and patience of potential home buyers who have been waiting for lower interest rates before making their purchase. With the Bank of Canada not anticipated to make any rate changes before its June meeting, some potential home buyers may feel stuck in limbo.
There were 1,023 new listings added last month, an increase of 18.7 per cent compared to March last year and a 15.9 percent decrease compared to the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 1,081 an increase of 54.0 per cent compared to March of last year and 1.1 per cent below the previous ten-year average of 1,093 listings for March.
At the end of March, there were 1.9 months of inventory, a 58.3 percent increase compared to last year and 18.8 percent above the previous 10-year average. 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 March was 19, the same number as March 2023. The previous 5-year average was 18 days.
If you are thinking about buying a new home, It is my belief that we are going to see home prices rise throughout 2024 and once the Bank of Canada starts lowering rates the acceleration of prices will increase as buyers that have been sitting on the sidelines will jump back into the market.
If you have any questions at all, are thinking of making a move this spring 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 April and the nice weather that is coming.
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
Condo Sales drop in 2023 here in Kitchener, Waterloo and Cambridge
Happy New Year!! I hope that you enjoyed the holiday season and made some wonderful memories with your families. Unfortunatley it was not a white Christmas but I know those skiers out there are anxiously awaiting the snow to arrive so they can hit the slopes.
The stats are out for 2023 and the market definitly struggled in the sales catagory. With interest rates at 20 year highs and inventory still tight it kept prices relativly stable but sales down significantly. Lets take a look at the stats….
There were 6,623 homes sold in 2023, a decrease of 14.8 per cent compared to 2022, and a decline of 23.2 per cent compared to the previous 5-year average for annual sales.
On a monthly basis, there were 285 homes sold in December, a decrease of 0.7 per cent compared to December 2022, and 25.6 per cent below the previous 5-year average for the month.
It should not be a surprise to anyone that for the second year in a row, the housing market in Waterloo Region has been affected by higher interest rates, resulting in a significant decline in annual sales. This year’s sales reached their lowest point in over two decades.
The trend observed in December reflects the overall slowdown in home sales throughout the year, with sales falling behind historical levels. The last time annual sales in Waterloo Region recorded fewer than 7,000 units was the year 2000.
Total residential sales in December included 172 detached (up 3.6 per cent from December 2022), and 54 townhouses (down 6.9 per cent). Sales also included 35 condominium units (up 2.9 per cent) and 24 semi-detached homes (down 4.0 per cent).
For 2023, total residential sales included 3,901 detached (down 17.0 per cent), and 1,339 townhouses (down 6.5 per cent). Sales also included 904 condominium units (down 9.2 per cent) and 457 semi-detached homes (down 26.6 per cent).
In December, the average sale price for all residential properties in Waterloo Region was $740,697. This represents a 2.8 per cent increase compared to December 2022 and a 2.1 per cent decrease compared to November 2023.
- The average price of a detached home was $848,151. This represents a 2.6 per cent increase from December 2022 and a decrease of 4.7 per cent compared to November 2023.
- The average sale price for a townhouse was $617,023. This represents a 0.8 per cent increase from December 2022 and an increase of 1.2 per cent compared to November 2023.
- The average sale price for an apartment-style condominium was $490,816. This represents a 5.0 per cent increase from December 2022 and an increase of 9.0 per cent compared to November 2023.
- The average sale price for a semi was $613,283. This represents a decrease of 0.5 per cent compared to December 2022 and a decrease of 0.5 per cent compared to November 2023.
Average Sale Price – Monthly
On a year-to-date basis, the average sale price for all residential properties in Waterloo Region decreased 7.7 per cent to $786,033 compared to 2022.
- The year-to-date average price of a detached home was $917,907. This represents a 6.1 per cent decrease compared to 2022.
- The year-to-date average sale price for a townhouse was $653,138. This represents a 9.0 per cent decrease compared to 2022.
- The year-to-date average sale price for an apartment-style condominium was $481,877. This represents a 9.0 per cent decrease compared to 2022.
- The year-to-date average sale price for a semi was $677,831. This represents a decrease of 7.9 per cent compared to 2022.
Average Sales Price – Year-to-date
| Monthly MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | December 2023 | Monthly % Change | Yr./Yr. % Change | December 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $705,700 | -0.4 | -1.4 | $706,800 | -2.5 | -0.4 |
| Detached | $798,100 | -0.6 | -0.9 | $727,000 | -2.9 | -0.8 |
| Townhouse | $602,000 | -2.2 | 0.0 | $657,500 | -1.2 | 3.8 |
| Apartment | $471,800 | 3.5 | 2.0 | $497,700 | 1.1 | 1.6 |
| Annual MLS® Home Price Index Benchmark Price | ||||
| Kitchener-Waterloo | Cambridge | |||
| Benchmark Type: | 2023 | Yr./Yr. % Change | 2023 | Yr./Yr. % Change |
| Composite | $746,600 | -9.9 | $753,500 | -9.5 |
| Detached | $848,900 | -8.5 | $784,200 | -9.1 |
| Townhouse | $624,200 | -10.8 | $655,600 | -10.5 |
| Apartment | $475,500 | -8.7 | $485,900 | -11.1 |
The region’s slowing housing market echoes the overall slowdown we are seeing in the broader economy.
There were 287 new listings added last month, a decrease of 6.2 per cent compared to December of last year and a 17.9 per cent decrease compared to the previous ten-year average for December.
In 2023, 11,528 new listings were added, a decrease of 14.4 per cent compared to 2022, and a 4.4 per cent decrease compared to the previous ten-year annual average.
The total number of homes available for sale in active status at the end of December was 779, an increase of 36.0 per cent compared to December of last year and 5.8 per cent above the previous ten-year average of 736 listings for December.
The number of months of inventory is up 55.6 per cent compared to December of last year, but still historically low at 1.4 months. Between 2010 and 2015, December’s rolling 12-month average was 3.5 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 December was 30, compared to 25 days in December 2022. The previous 5-year average is 23 days.
The average days to sell in 2023 was 19 days, compared to 14 days in 2022 and a previous 5-year average of 18 days.
If you have any questions, wondering what the home down the street sold for or are thinking of making a move in the coming months, feel free to give me a call or text at 519-497-4646 or email Kevinbakerrealestate@gmail.com and we can set up a time to get together for a coffe and discuss your families plans.Â
Have a great January
Kevin
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
KW Condos and Lofts.com 