Waterloo Region Real Estate Market Update - July 2024
Waterloo Region Housing Market Sees Modest Sales Uptick in July
Amid Lower Interest Rates and Increased Inventory
WATERLOO REGION, ON (August 6, 2024) —In July, a total of 639 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents an increase of 4.6 percent compared to the same period last year and a decline of 16.6 percent compared to the average number of homes sold in the previous ten years for the same month.
“In July, we observed a slight increase in home sales year-over-year following a reduction in interest rates, which seems to have provided a modest boost to market activity,” says Christal Moura, spokesperson for the Waterloo Region market area. “While this uptick is encouraging, it is evident that many potential buyers are adopting a wait-and-see approach, anticipating further decreases in interest rates and better buying conditions in the near future.”
Total residential sales in July included 382 detached homes (up 4.1 per cent from July 2023), and 126 townhouses (up 5.0 percent). Sales also included 82 condominium units (up 9.3 percent) and 48 semi-detached homes (up 9.1 percent).
In July, the average sale price for all residential properties in Waterloo Region was $782,716. This represents a 1.6 percent decrease compared to July 2023 and a 0.9 percent decrease compared to June 2024.
The average price of a detached home was $914,469. This represents a 0.6% decrease from July 2023 and an increase of 1.6% compared to June 2024.
The average sale price for a townhouse was $617,062. This represents a 7.7% decrease from July 2023 and a decrease of 7.1% compared to June 2024.
The average sale price for an apartment-style condominium was $494,897. This represents a decrease of 0.6% from July 2023 and an increase of 7.1% compared to June 2024.
The average sale price for a semi was $667,063. This represents a decrease of 0.6% compared to July 2023 and an increase of 2.7% compared to June 2024.
There were 1,391 new listings added to the MLS® System in Waterloo Region last month, an increase of 15.9 per cent compared to July last year and a 27.5 per cent increase compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 1,817 an increase of 61.9 per cent compared to July of last year and 38.9 per cent above the previous ten-year average of 1,308 listings for July.
Market-wide inventory levels were up 65.0 per cent, with 3.3 months’ supply for all property types at the end of July. The property type that gained the most inventory was the townhouse segment, which increased by 85.0 percent. That amounts to 5.7 months’ supply for condo apartments, 3.7 months for townhouses, and 2.8 months for detached homes. 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 time it took to sell a home in July was 22 days, which is four days longer than the previous month. In July 2023, it took 16 days for a home to sell, and the five-year average is 17 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
