elitere | Sep. 11, 2024
As the market transitions into fall, we’re seeing some interesting trends in the Waterloo Region real estate landscape. While overall residential sales have cooled, detached homes continue to be in high demand, offering unique opportunities for both buyers and sellers.
In this month’s market update, we’ll dive into the latest stats, explore what’s driving the strong performance of detached homes, and provide insight into what to expect as we approach the year’s end. Whether you’re thinking about listing, buying, or just staying informed, we hope this newsletter will give you a clear picture of where things stand and what’s on the horizon.
WATERLOO REGION, ON (September 5, 2024) — In August, 539 homes were sold in the Waterloo Region through the MLS® System of the Cornerstone Association of REALTORS®, marking a 5.3% decrease from last year and a 24.1% drop from the ten-year average for the month.
Despite a cooling market, detached homes saw a 6.0% increase in sales year-over-year. With stable home prices and decreasing interest rates, some buyers took advantage of the summer slowdown to target specific property types, like single-family homes.
In August, the average sale price for residential properties in Waterloo Region was $769,203, up 1.1% from August 2023 but down 1.7% from July 2024.
In August, 988 new listings were added to the MLS® in Waterloo Region, down 4.2% from last year but up 7.3% from the 10-year average.
Active listings totaled 1,640, a 49.2% increase from last August and 40.1% above the 10-year average. Inventory grew by 50%, providing a 3.0-month supply of all property types. Condominium apartments had the highest supply at 5.3 months, followed by townhouses at 3.5 months, and detached homes at 2.5 months.
Homes took an average of 25 days to sell, compared to 19 days in August 2023 and the five-year average of 19 days.
We’re seeing increased inventory and longer days on market, but this may change if the Bank of Canada continues lowering interest rates. Buyers must balance potentially lower rates with the risk of rising prices as demand grows.
The next rate announcement is October 23, 2024, and while the fall market may not be as active as in past years, it’s a good early indicator for 2025. With easing rates, more buyers are returning to the market, but a more significant rate reduction is needed for a full recovery.
If you have any questions about the current real estate market, are considering buying or selling, or want to plan ahead for 2025, reach out to us today—we’d love to help!
