Waterloo Region Home Sales Cool in November
“Last month, the number of homes sold followed their typical pattern of cooling to match the weather, but with consumer confidence continuing to drop, we saw sales slump to their lowest level for November in over a decade,” says Christal Moura, president of WRAR. “With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off.”
Total residential sales in November included 266 detached (down 6.7% from November 2022), and 81 townhouses (no change). Sales also included 62 condominium units (up 5.1%) and 31 semi-detached homes (down 16.2%).
In November, the average sale price for all residential properties in Waterloo Region was $757,272. This represents a 2.6% increase compared to November 2022 and a 1.4% decrease compared to October 2023.
- The average price of a detached home was $891,091. This represents a 5.8% increase from November 2022 and on par with October 2023.
- The average sale price for a townhouse was $611,667. This represents a 1.7% decrease from November 2022 and a decrease of 5.1% compared to October 2023.
- The average sale price for an apartment-style condominium was $450,476. This represents a decrease of 1.3% from November 2022 and a decrease of 5.4% compared to October 2023.
- The average sale price for a semi was $617,329. This represents a decrease of 3.9% compared to November 2022 and a decrease of 6.2% compared to October 2023.
“Canadians are feeling the pinch of affordability, leading to price adjustments in the housing market of Waterloo Region,” says Moura. “For prospective homebuyers, this slowdown presents an opportunity to enter the market during a less competitive phase and enjoy the advantages of homeownership in the long run.”
There were 868 new listings added to the MLS® System in Waterloo Region last month, an increase of 15% compared to November last year and a 16.7% increase compared to the previous ten-year average for November.
The total number of homes available for sale in active status at the end of November was 1,305 an increase of 54.8% compared to November of last year and 21.0 per cent above the previous ten-year average of 1079 listings for November.
There were 2.4 months of inventory at the end of November, an 84.6% increase compared to last year and 50.9% 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 November was 24, compared to 22 days in November 2022. The previous 5-year average is 20 days.
These statistics provide a snapshot of the real estate market in the Waterloo Region in November, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.