elitere | Oct. 7, 2024
In September, 521 homes were sold in Waterloo Region through the MLS® System, a 2.1% decrease from last year and a 23.5% drop compared to the 10-year average for the same month.
In September, the average sale price for residential properties in Waterloo Region reached $788,944, a 2.9% increase from the same time in 2023 and a 2.3% rise from August 2024.
In total, 1,313 new listings were added to the MLS® System, representing a 6.5% decrease compared to last year but 20% higher than the 10-year average for the month.
By the end of the month, 1,751 homes were available for sale, up 21.3% from the previous year and 42.2% above the 10-year average.
Homes took an average of 28 days to sell, three days longer than August, compared to 19 days in 2023 and a five-year average of 18 days.
The Waterloo Region housing market is currently favouring buyers this fall due to increased listings and higher inventory. While overall sales have slowed, demand for detached homes remains strong, leading to an increase in their sales. With more options available, buyers are enjoying a less pressured experience. For sellers, this market may require a bit more patience and a possible adjustment in price expectations, but opportunities remain strong, especially with continued interest in key property types.
Looking ahead, the Bank of Canada’s interest rate announcement on October 23rd is likely to bring more aggressive rate cuts, which could boost buyer confidence and market activity, making this fall a favourable time for both buyers and sellers.
