Home Sales Picked up in October but Still Subdued
WATERLOO REGION, ON (November 3, 2023) —
In October, there were 559 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 12.2 per cent compared to the previous year and a decline of 24.4 per cent compared to the previous 5-year average for the month.
“Homes sales in the Waterloo Region were up over last October’s record low but are still subdued,” says Megan Bell, president of WRAR. “I breathed a sigh of relief last week when the Bank of Canada held its policy rate at 5 per cent, and I will be watching to see what the Bank of Canada does at their next scheduled announcement on December 6, 2023.”
- The average price of a detached home was $890,591. This represents a 1.1 per cent increase from October 2022 and an increase of 0.1 per cent compared to September 2023.
- The average sale price for a townhouse was $644,511. This represents a 1.4 per cent increase from October 2022 and an increase of 0.7 per cent compared to September 2023.
- The average sale price for an apartment-style condominium was $476,166. This represents a decrease of 2.6 per cent from October 2022 and a decrease of 4.8 per cent compared to September 2023.
- The average sale price for a semi was $658,133. This represents an increase of 5.7 per cent compared to October 2022 and a decrease of 2.4 per cent compared to September 2023.
“While sales are down, we are seeing an increase in the number of homes available for sale, which is good news for buyers,” says Bell. “However, many prospective buyers have been sidelined by higher borrowing costs and selling prices that continue to demonstrate resilience.”
There were 1,133 new listings added to the MLS® System in Waterloo Region last month, an increase of 36.0 per cent compared to October last year and a 20.2 per cent increase compared to the previous ten-year average for October.
The total number of homes available for sale in active status at the end of October was 1,408, an increase of 53.4 per cent compared to October of last year and 13.0 per cent above the previous ten-year average of 1247 listings for October.
There were 2.5 months of inventory at the end of October, a 92.3 per cent increase compared to last year and 35.1 per cent above the previous 10-year average. 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 October was 21, compared to 22 days in October 2022. The previous 5-year average is 19 days.
These statistics provide a snapshot of the real estate market in the Waterloo Region in October, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.
All data from ITSO. InfoSparks © 2023 ShowingTime.
Please feel free to contact me for statistics specific to your neighbourhood.
