In June 2023, the real estate market in Waterloo Region experienced a rebound with an increase in monthly sales compared to the previous year. Here are some key statistics from the market:
- Home Sales: In June, there were 780 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represented a 4.6% increase compared to June 2022 and a decline of 12.3% compared to the previous 5-year average for the month.
- Property Types: The total residential sales in June included 468 detached homes (up 5.9% from June 2022), 149 townhouses (up 4.9%), 118 condominium units (up 22.9%), and 42 semi-detached homes (down 32.3%).
- Average Sale Prices: The average sale price for all residential properties in Waterloo Region in June 2023 was $839,869, which was a 6.4% increase compared to June 2022. Here are the average sale prices for different property types:
- Detached Homes: The average sale price for a detached home was $1,005,519, representing a 10.4% increase from June 2022.
- Townhouses: The average sale price for a townhouse was $665,984, showing a 0.2% increase compared to June 2022.
- Condominiums: The average sale price for an apartment-style condominium was $470,163, reflecting a decrease of 6.2% compared to June 2022.
- Semi-Detached Homes: The average sale price for a semi-detached home was $691,507, indicating a decrease of 1.1% compared to June 2022.
- Demand and Inventory: Demand for detached properties remained robust, driving a significant 10.5% increase in the average sale price of a detached home. Despite the central bank raising its benchmark interest rate, demand remained strong. The number of homes for sale continued to be below the long-term average, indicating a competitive market.
- New Listings: In June 2023, there were 1,321 new listings added to the MLS® System in Waterloo Region. This represented a decrease of 21.6% compared to June 2022 but a 3.5% increase compared to the previous ten-year average for June.
- Inventory and Months of Inventory: The total number of homes available for sale at the end of June was 1,007, which was a decrease of 23.1% compared to June 2022 and 32.8% below the previous ten-year average for June. The number of months of inventory, which represents the time it would take to sell off current inventories at the current sales rate, was 1.8 months, indicating a historically low inventory.
- Days to Sell: The average number of days to sell a property in June 2023 was 15, compared to 13 days in June 2022. This was slightly below the previous 5-year average of 17 days.
Overall, the Waterloo Region real estate market in June 2023 showed signs of recovery, with increased sales and higher average sale prices for most property types. The market remained competitive due to low inventory levels, and the number of new listings decreased compared to the previous year.