In July, the real estate market in the Waterloo Region showed positive signs with 607 homes sold through the Multiple Listing Service® (MLS®) System, marking a 10.4% increase compared to the previous year. However, this figure was still a decline of 21.6% when compared to the average sales for the month over the past five years.
The breakdown of total residential sales in July included 364 detached homes (up 8.3% from July 2022), 120 townhouses (up 7.1%), 74 condominium units (up 15.6%), and 44 semi-detached homes (up 22.2%).
The average sale price for all residential properties in Waterloo Region in July was $795,778, which represented a 5.8% increase compared to July 2022 but a 5.2% decrease compared to June 2023.
The average sale price for a detached home was $920,635, showing an 8.8% increase from July 2022, but an 8.4% decrease from June 2023.
For townhouses, the average sale price was $670,283, indicating a 4.4% increase from July 2022 and a 0.5% increase from June 2023.
The average sale price for an apartment-style condominium was $496,757, showing a 4.8% decrease from July 2022 but a 5.6% increase from June 2023.
The average sale price for a semi-detached home was $665,328, representing a 0.6% increase compared to July 2022 and a 3.8% decrease compared to June 2023.
In terms of new listings, there were 1,194 added to the MLS® System in July, reflecting a 1.4% increase from July of the previous year and a 10.8% increase compared to the previous ten-year average for July.
The total number of homes available for sale at the end of July was 1,107, which was a decrease of 14.8% compared to July of the previous year and 22.6% below the previous ten-year average for July.
The inventory level at the end of July stood at 2.0 months, slightly higher than the end of June and in line with the previous 10-year average. This indicates how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell a home in July was 16, down from 18 days in July 2022 and in line with the previous 5-year average of 18 days. Overall, the market showed healthy activity, with increasing sales and prices, but a decrease in available inventory.