Listing Inventory Up for July in Waterloo Region

I hope you are having an amazing long weekend. The rain has put a bit of a damper on things but overall the weather this summer has been wondeful. I know the crops and my grass have never looked so good!

The numbers are out for July in the Kitchener Waterloo and Cambridge real estate markets and things are looking good. Listing inventory is gaining steam as well as single detached home prices. The townhouse and condo markets are still struggling a bit but overall moving up over last month. Lets take a look at the numbers…

In July, there were 607 homes sold, representing an increase of 10.4 per cent compared to the previous year and a decline of 21.6 per cent compared to the previous 5-year average for the month.

The Waterloo Region residential real estate market experienced some growth in terms of unit sales and supply in July, with home prices showing moderate fluctuations, despite the Bank of Canada’s most recent interest rate hike, we saw more sellers coming off the sidelines with new listing activity reaching its second highest level for the month of July in over a decade.

Total residential sales in July included 364 detached (up 8.3 per cent from July 2022), and 120 townhouses (up 7.1 per cent). Sales also included 74 condominium units (up 15.6 per cent) and 44 semi-detached homes (up 22.2 per cent).

In July, the average sale price for all residential properties in Waterloo Region was $795,778. This represents a 5.8 per cent increase compared to July 2022 and a 5.2 per cent decrease compared to June 2023.

• The average price of a detached home was $920,635. This represents an 8.8 per cent increase from July 2022 and a decrease of 8.4 per cent compared to June 2023.
• The average sale price for a townhouse was $670,283. This represents a 4.4 per cent increase from July 2022 and an increase of 0.5 per cent compared to June 2023.
• The average sale price for an apartment-style condominium was $496,757. This represents a decrease of 4.8 per cent from July 2022 and an increase of 5.6 per cent compared to June 2023.
• The average sale price for a semi was $665,328. This represents an increase of 0.6 per cent compared to July 2022 and a decrease of 3.8 per cent compared to June 2023.

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	July 2023	Monthly % Change	Yr./Yr. % Change	July 2023	Monthly % Change	Yr./Yr. % Change
Composite	$765,000	-1.7	1.8	$764,600	-1.8	-1.2
Detached	$869,000	-2.3	4.4	$797,100	-2.2	1.2
Townhouse	$648,700	0.6	-0.3	$663,200	0.5	-11.9
Apartment	$484,900	1.2	-5.5	$492,600	2.2	-14.8

In this ever-evolving market, demand persists despite the changing landscape. Increased listing activity is certainly welcomed to help offset the lack of supply and pent-up demand.

There were 1,194 new listings added last month, an increase of 1.4 per cent compared to July of last year and a 10.8 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 1,107, a decrease of 14.8 per cent compared to July of last year and 22.6 per cent below the previous ten-year average of 1431 listings for July.

There were 2.0 months of inventory at the end of July, up slightly from the end of June and in line with 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 July was 16, compared to 18 days in July 2022. The previous 5-year average is 18 days. 

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

Monthly Average Days on Market

If you are thinking of buying or selling this fall,  wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the rest of your holiday Monday!

Kevin