July Home Sales and Prices Up Slightly over June in Kitchener Waterloo and Cambridge

I hope you are having a great summer and enjoyed the Civic Long weekend. The weather has been so warm and with the city’s different events every weekend there is always something to do!

The stats are out for July and a total of 639 homes were sold in the Waterloo Region. This represents an increase of 4.6 per cent compared to the same period last year and a decline of 16.6 per cent compared to the average number of homes sold in the previous ten years for the same month.

We observed a slight increase in home sales year-over-year following a reduction in interest rates. While this uptick is encouraging, it is evident that many potential buyers are adopting a wait-and-see approach, anticipating further decreases in interest rates and better buying conditions in the near future.

Total residential sales in July included 382 detached homes (up 4.1 per cent from July 2023), and 126 townhouses (up 5.0 per cent). Sales also included 82 condominium units (up 9.3 per cent) and 48 semi-detached homes (up 9.1 per cent).

In July, the average sale price for all residential properties in Waterloo Region was $782,716. This represents a 1.6 per cent decrease compared to July 2023 and a 0.9 per cent decrease compared to June 2024.

The average price of a detached home was $914,469. This represents a 0.6 per cent decrease from July 2023 and an increase of 1.6 per cent compared to June 2024.
The average sale price for a townhouse was $617,062. This represents a 7.7 per cent decrease from July 2023 and a decrease of 7.1 per cent compared to June 2024.
The average sale price for an apartment-style condominium was $494,897. This represents a decrease of 0.6 per cent from July 2023 and an increase of 7.1 per cent compared to June 2024.
The average sale price for a semi was $667,063. This represents a decrease of 0.6 per cent compared to July 2023 and an increase of 2.7 per cent compared to June 2024.

Average Sale Price – Monthly

July 2024 Average Sale Price By Property Type

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	July 2024	Monthly % Change	Yr./Yr. % Change	July 2024	Monthly % Change	Yr./Yr. % Change
Composite	$731,100	-1.4	-5.3	$743,100	-1.6	-2.9
Detached	$839,100	-1.6	-4.4	$776,700	-1.9	-2.7
Townhouse	$617,900	-1.3	-5.8	$651,000	-0.2	-1.3
Apartment	$454,800	-0.2	-6.2	$496,100	1.1	0.3

There were 1,391 new listings added last month, an increase of 15.9 per cent compared to July last year and a 27.5 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 1,817 an increase of 61.9 per cent compared to July of last year and 38.9 per cent above the previous ten-year average of 1,308 listings for July.

Market-wide inventory levels were up 65.0 per cent, with 3.3 months’ supply for all property types at the end of July. The property type that gained the most inventory was the townhouse segment, which increased by 85.0 percent. That amounts to 5.7 months’ supply for condo apartments, 3.7 months for townhouses, and 2.8 months for detached homes. The number of months of inventory represents the amount of time it would take to sell off current inventories at the current sales rate.

The average time it took to sell a home in July was 22 days, which is four days longer than the previous month. In July 2023, it took 16 days for a home to sell, and the five-year average is 17 days.

If you have any questions at all, are thinking of making a move this summer or fall and wondering what your home might be worth, give me a call or text to 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.

Enjoy the rest of your August and maybe I will see you at the Kitchener Waterloo Blues Festival next weekend!

Kevin

.Average Sales Price – Municipality