stratford | KW Real Estate Life

Home Sales and Prices Both Up for July in Waterloo Region

Hope all is well with you and your family. Summer is here and I hope that you have been able to get out and enjoy some of the great weather we have had lately.

The market stats are out for June, lets take a look and see where things are at…

In June, there were 780 homes sold, representing an increase of 4.6 per cent compared to the previous year and a decline of 12.3 per cent compared to the previous 5-year average for the month.

The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year. The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.

Total residential sales in June included 468 detached (up 5.9 per cent from June 2022), and 149 townhouses (up 4.9 per cent). Sales also included 118 condominium units (up 22.9 per cent) and 42 semi-detached homes (down 32.3 per cent).

In June, the average sale price for all residential properties in Waterloo Region was $839,869. This represents a 6.4 per cent increase compared to June 2022 and a 2.0 per cent increase compared to May 2023.

The average price of a detached home was $1,005,519. This represents a 10.4 per cent increase from June 2022 and an increase of 4.1 per cent compared to May 2023.
The average sale price for a townhouse was $665,984. This represents a 0.2 per cent increase from June 2022 and a decrease of 4.4 per cent compared to May 2023.
The average sale price for an apartment-style condominium was $470,163. This represents a decrease of 6.2 per cent from June 2022 and a decrease of 3.3 per cent compared to May 2023.
The average sale price for a semi was $691,507. This represents a decrease of 1.1 per cent compared to June 2022 and a decrease of 5.0 per cent compared to May 2023.

June average sales price by property type

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	June 2023	Monthly % Change	Yr./Yr. % Change	June 2023	Monthly % Change	Yr./Yr. % Change
Composite	$777,800	0.1	-2.0	$778,600	-1.6	-3.4
Detached	$889,400	0.2	0.7	$815,300	-1.9	-1.0
Townhouse	$645,200	1.7	-5.9	$660,100	1.2	-14.7
Apartment	$479,000	-1.8	-8.7	$481,900	0.2	-16.6

In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home, while the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong. Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average.

There were 1,321 new listings added last month, a decrease of 21.6 per cent compared to June of last year and a 3.5 per cent increase compared to the previous ten-year average for June.

The total number of homes available for sale in active status at the end of June was 1007, a decrease of 23.1 per cent compared to June of last year and 32.8 per cent below the previous ten-year average of 1499 listings for June.

The number of months of inventory is up 5.9 per cent compared to June of last year, but still historically low at 1.8 months. 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 June was 15, compared to 13 days in June 2022. The previous 5-year average is 17 days.

Average Sales Price – Municipality