WATERLOO REGION, ON (June 5, 2024) —In May, a total of 742 homes were sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents a decrease of 8.1 per cent compared to the same period last year and a decline of 20.0 per cent compared to the average number of homes sold in the previous ten years for the same month.
“May saw a dip in the number of sales across all categories, with condo apartments experiencing the largest drop,” says Christal Moura, president of WRAR. “The Condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand.”
Total residential sales in May included 467 detached (down 1.3 per cent from May 2023), and 134 townhouses (down 3.6 per cent). Sales also included 82 condominium units (down 34.4 per cent) and 59 semi-detached homes (down 13.2 per cent).
In May, the average sale price for all residential properties in Waterloo Region was $818,507. This represents a 0.3 per cent decrease compared to May 2023 and a 2.3 per cent increase compared to April 2024.
- The average price of a detached home was $943,859. This represents a 1.9 per cent decrease from May 2023 and an increase of 0.4 per cent compared to April 2024.
- The average sale price for a townhouse was $653,761. This represents a 6.1 per cent decrease from May 2023 and a decrease of 0.9 per cent compared to April 2024.
- The average sale price for an apartment-style condominium was $459,260. This represents a decrease of 5.6 per cent from May 2023 and a decrease of 5.6 per cent compared to April 2024.
- The average sale price for a semi was $699,780. This represents a decrease of 3.9 per cent compared to May 2023 and an increase of 5.1 per cent compared to April 2024.
“This spring, we are witnessing a significant increase in the availability of apartment-style condos, with a record high number of units on the market,” stated Moura. “At the same time, we are observing a shift in demand away from smaller-sized condo units, potentially influenced by the higher interest rates impacting investor market activity for this property type.”
There were 1,644 new listings added to the MLS® System in Waterloo Region last month, an increase of 28.9 per cent compared to May last year and a 15.8 per cent increase compared to the previous ten-year average for May.
The total number of homes available for sale in active status at the end of May was 1,741, an increase of 95.8 per cent compared to May of last year and 27.9 per cent above the previous ten-year average of 1,361 listings for May.
Market-wide inventory levels were up 93.8 per cent, with 3.1 months’ supply for all property types at the end of May. The property type that gained the most inventory was the condo apartment segment, which increased by 100 percent. That amounts to 6.0 months’ supply for condo apartments, 2.4 months for detached homes, and 3.6 months for Townhouses. The number of months of inventory represents the amount of time it would take to sell off current inventories at the current sales rate.
The average number of days to sell in May was 16, compared to 14 days in May 2023. The previous 5-year average is 15 days.
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