Waterloo Home Sales Show Slight Growth in 2024

Happy New Year! I hope you had a wonderful holiday season with your families and 2025 is off to a great start! With the arrival of snow, it looks like winter is finally here.

The stats are out for 2024 and it was a decent year for real estate sales here in Waterloo Region.

There were 6,777 homes sold in 2024, an increase of 2.8 per cent compared to 2023, and a decline of 18.9 per cent compared to the previous 5-year average for annual sales.

On a monthly basis, 334 homes were sold in December, an increase of 14.4 per cent compared to December 2023 and 9.9 per cent below the previous 5-year average for the month.

Although the number of homes sold in 2024 was still well below long-term averages, the final three months of the year showed a significant increase in sales. This increase coincided with lower interest rates, which heightened buyer interest and activity in the market.

For 2024, total residential sales included 4,100 detached (up 5.5 per cent), and 1,368 townhouses (up 2.6 per cent). Sales also included 821 condominium units (down 8.8 per cent) and 477 semi-detached homes (up 5.5 per cent).

In December, the average sale price for all residential properties in Waterloo Region was $763,840. This represents a 3.3 per cent increase compared to December 2023 and a 1.4 per cent increase compared to November 2024.

The average price of a detached home was $898,204. This represents a 6.0 per cent increase from December 2023 and an increase of 4.0 per cent compared to November 2024.
The average sale price for a townhouse was $630,676. This represents a 1.7 per cent increase from December 2023 and an increase of 2.7 per cent compared to November 2024.
The average sale price for an apartment-style condominium was $475,006. This represents a 3.7 per cent decrease from December 2023 and an increase of 5.5 per cent compared to November 2024.
The average sale price for a semi was $644,786. This represents an increase of 5.1 per cent compared to December 2023 and an increase of 0.2 per cent compared to November 2024.

Average Sale Price – Monthly

Year-to-date, the average sale price for all residential properties in Waterloo Region decreased 0.3 per cent to $784,343 compared to 2023.

The year-to-date average price of a detached home was $910,901. This represents a 0.8 per cent decrease compared to 2023.
The year-to-date average sale price for a townhouse was $638,385. This represents a 2.3 per cent decrease compared to 2023.
The year-to-date average sale price for an apartment-style condominium was $472,801. This represents a 2.0 per cent decrease compared to 2023.
The year-to-date average sale price for a semi was $662,859. This represents a decrease of 2.1 per cent compared to 2023.

Average Sale Price – Year-to-date

02.WaterlooRegionPriceChart_AverageSalesYTD12.2024

Monthly MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	December 2024	Monthly % Change	Yr./Yr. % Change	December 2024	Monthly % Change	Yr./Yr. % Change
Composite	$717,200	-0.4	0.6	$725,000	-1.7	2.4
Single Family	$822,100	-0.8	1.9	$758,700	-2.1	4.1
Townhouse	$599,000	1.1	-1.7	$630,300	0.6	-3.7
Apartment	$445,600	0.3	-5.5	$478,600	-0.2	-4.0

Annual MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo		Cambridge
Benchmark Type:	2024	Yr./Yr. % Change	2024	Yr./Yr. % Change
Composite	$734,500	-2.6	$747,000	-1.0
Single Family	$846,500	-1.3	$781,900	-0.5
Townhouse	$612,900	-2.9	$646,600	-0.9
Apartment	$451,200	-5.1	$491,000	0.8

December 2024 HPI image for stats release

With the introduction of 30-year amortization options for all first-time homebuyers and new construction purchases now in effect as of December 15, 2024, along with an increased cap for insured mortgages now set at $1.5 million, we are optimistic that the housing market will become more accessible for aspiring homeowners in 2025

There were 346 new listings added last month, an increase 19.7 per cent compared to December of last year and a 1.6 per cent increase compared to the previous ten-year average for December.

In 2024, 13,176 new listings were added, an increase of 14.9 per cent compared to 2023, and a 10.8 per cent increase compared to the previous ten-year annual average.

The total number of homes available for sale in active status at the end of December was 1,092, an increase of 39.5 per cent compared to December of last year and 66.6 per cent above the previous ten-year average of 656 listings for December.

The number of months of inventory across the residential market is up 35.7 per cent compared to December of last year, now at 1.9 months. December’s rolling 12-month average was 2.6 months, which has risen from the 1.67 average of the past decade. In December, condominium apartments had the highest inventory, with 4.5 months’ supply, followed by townhouses with 2.7 months’ supply and detached homes with 1.3 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate

The average number of days to sell in December was 36, compared to 31 days in December 2023. The previous 5-year average is 23 days.

The average days to sell in 2024 was 23 days, compared to 19 days in 2023 and a previous 5-year average of 17 days.

If you have any questions at all, are thinking of making a move this winter, or are 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.

Have a great rest of your week!

Kevin