Home Sales Cool in November here in Waterloo Region
I hope you are enjoying the last of the fall weather we are having. Christmas is just around the corner and that means snow as well. As the real estate market here in Waterloo Region almost wraps up another year it looks like things are cooling off once again. Lets take a look at the stats…..In November, there were 441 homes sold, representing a decrease of 4.5 per cent compared to the previous year and a decline of 33.1 per cent compared to the previous 5-year average for the month.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. 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 per cent from November 2022), and 81 townhouses (no change). Sales also included 62 condominium units (up 5.1 per cent) and 31 semi-detached homes (down 16.2 per cent).In November, the average sale price for all residential properties in Waterloo Region was $757,272. This represents a 2.6 per cent increase compared to November 2022 and a 1.4 per cent decrease compared to October 2023.The average price of a detached home was $891,091. This represents a 5.8 per cent 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 per cent decrease from November 2022 and a decrease of 5.1 per cent compared to October 2023.The average sale price for an apartment-style condominium was $450,476. This represents a decrease of 1.3 per cent from November 2022 and a decrease of 5.4 per cent compared to October 2023.The average sale price for a semi was $617,329. This represents a decrease of 3.9 per cent compared to November 2022 and a decrease of 6.2 per cent compared to October 2023MLS® Home Price Index Benchmark Price Kitchener-WaterlooCambridgeBenchmark Type:November 2023Monthly % ChangeYr./Yr. % ChangeNovember 2023Monthly % ChangeYr./Yr. % ChangeComposite$708,600-2.3-0.6$725,100-3.5-2.1Detached$802,900-2.40.9$748,800-3.9-2.5Townhouse$615,700-1.31.0$665,100-0.93.1Apartment$455,700-2.3-5.2$492,300-1.4-0.9 Canadians are feeling the pinch of affordability, leading to price adjustments in the housing market of Waterloo Region. 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 per cent compared to November last year and a 16.7 per cent 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 per cent 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 per cent increase compared to last year and 50.9 per cent 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. As always if you have any questions at all, want to know what a neighbors home sold for or are thinking of making a move this winter, please give me a call or text to 519-497-4646 or email to Kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your plans. Have a Wonderful December!KevinAverage Sales Price –MunicipalityAverage Sales Price – TownshipMonthly Sales By Property TypeMonthly Supply of Homes for SaleMonthly Median Sales Price – By Property TypeMonthly Average Sales Price – By Property TypeMonthly Average Days on Market |
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