Resilient Waterloo Region Real Estate Market Demonstrates Growth in Home Sales and Average Prices

In June, the Waterloo Region Association of REALTORS® (WRAR) reported that 780 homes were sold through the Multiple Listing Service® (MLS®) System. This represents a 4.6% increase compared to the previous year but a 12.3% decline compared to the average for the month over the past five years.

In June, a total of 468 detached homes were sold, reflecting a 5.9% increase from June 2022. Additionally, 149 townhouses were sold (up 4.9%), 118 condominium units (up 22.9%), and 42 semi-detached homes (down 32.3%).

The average sale price for all residential properties in Waterloo Region in June was $839,869, indicating a 6.4% increase from June 2022 and a 2.0% increase from May 2023.

  • The average sale price of a detached home was $1,005,519, representing a 10.4% increase from June 2022 and a 4.1% increase from May 2023.
  • The average sale price for a townhouse was $665,984, showing a slight 0.2% increase from June 2022 but a 4.4% decrease from May 2023.
  • In the case of apartment-style condominiums, the average sale price was $470,163, indicating a 6.2% decrease from June 2022 and a 3.3% decrease from May 2023.
  • For semi-detached homes, the average sale price was $691,507, reflecting a 1.1% decrease from June 2022 and a 5.0% decrease from May 2023.

June average sales price by property type

During June, 1,321 new listings were added to the MLS® System in Waterloo Region, marking a 21.6% decrease from June of the previous year but a 3.5% increase compared to the previous ten-year average for June.

At the end of June, the total number of homes available for sale in active status was 1,007, indicating a 23.1% decrease from June of the previous year and a 32.8% decrease compared to the previous ten-year average for June, which was 1,499 listings.

The number of months of inventory increased by 5.9% compared to June of the previous year but remains historically low at 1.8 months. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.

In terms of the average number of days to sell, it was 15 days in June, slightly higher than the 13 days in June 2022 but still lower than the previous 5-year average of 17 days.

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