Homes Sales Sluggish but Prices Remain Steady in Waterloo Region for February.

I hope you and your family have been enjoying the great weather we have had over the winter. Although the skiers out there probably are not very happy, I personally love the mild weather. 

 The stats are out for February and sales were pretty sluggish overall but prices are remaining steady due to low inventory levels.  Let’s take a look at the numbers….

In February, there were 485 homes sold, representing an increase of 9.7 per cent compared to the previous year and a decline of 19.0 per cent compared to the previous 10-year average for the month. 

Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February.      

Total residential sales in February included 281 detached (up 9.3 per cent from February 2023), and 110 townhouses (up 10.0 per cent). Sales also included 73 condominium units (up 30.4 per cent) and 24 semi-detached homes (down 14.3 per cent).  

In February, the average sale price for all residential properties in Waterloo Region was $755,934. This represents a 0.7 per cent decrease compared to February 2023 and a 0.7 per cent decrease compared to January 2024.  

• The average price of a detached home was $889,280. This represents a 0.5 per cent increase from February 2023 and a decrease of 2.2 per cent compared to January 2024.  
• The average sale price for a townhouse was $629,734. This represents a 2.2 per cent decrease from February 2023 and a decrease of 1.8 per cent compared to January 2024.  
• The average sale price for an apartment-style condominium was $459,455. This represents an increase of 0.2 per cent from February 2023 and an increase of 3.1 per cent compared to January 2024.  
• The average sale price for a semi was $673,638. This represents an increase of 1.0 per cent compared to February 2023 and an increase of 4.2 per cent compared to January 2024. 

Average Sale Price – Monthly

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	February 2024	Monthly % Change	Yr./Yr. % Change	February 2024	Monthly % Change	Yr./Yr. % Change
Composite	$729,300	2.0	0.0	$742,600	-0.7	0.9
Detached	$841,000	2.5	1.8	$774,300	-0.5	1.2
Townhouse	$601,200	0.6	0.8	$648,500	-1.6	2.2
Apartment	$452,500	1.9	-3.8	$477,100	-2.0	-1.3

Examining benchmark and average prices for various property types over the past twelve months reveals a stable housing market in Waterloo Region. With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run. 

There were 800 new listings added last month, an increase of 18.7 per cent compared to February last year and a 6.9 per cent decrease compared to the previous ten-year average for February.  

The total number of homes available for sale in active status at the end of February was 943 an increase of 38.9 per cent compared to February of last year and 2.9 per cent below the previous ten-year average of 971 listings for February. 

At the end of February, there were 1.7 months of inventory, a 54.5 percent increase compared to last year and 17.2 percent 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 February was 23, compared to 20 days in February 2023. The previous 5-year average was 16 days.   

Average Sales Price – Municipality

Average Sales Price – Township

Monthly Sales By Property Type

Monthly Supply of Homes for Sale

Monthly Supply of Homes for Sale – By Property Type

Monthly Median Sales Price – By Property Type

Monthly Average Sales Price – By Property Type

Monthly Average Days on Market

If you have any questions on the stats or are thinking of making a move in the next few months, feel free to give me a call or text to 519-497-4646 or email kevinbakerrealestate@gmail.com and let’s sit down for a coffee and chat about your families needs. 

Have a great march break with the kids and a fantastic St Paddy’s day!

Talk soon

Kevin