491 residential houses were sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), down 39.7% from October 2021 and 36.24% from the previous 5-year average for the month.
In terms of residential sales overall, 84 townhouses and 310 detached homes (down 38.2% from October 2021) were sold in October (down 45.1 per cent). 64 condominium units (down 36.0%) and 31 semi-detached homes were also sold (down 47.5 per cent).
All residential properties in Waterloo Region sold for an average of $763,630 in October. This is a drop of 8.4% compared to October 2021 and a rise of 1.6% compared to September 2022.
The average detached home sold for $860,568 on average. This implies a reduction of 0.3% from September 2022 and a fall of 10.6% from October 2021.
A townhouse sold for an average of $635,197. This implies a reduction of 0.4% from September 2022 and a decrease of 9.0% from October 2021.
An apartment-style condominium sold for an average of $488,277. This indicates an increase of 7.3% compared to October 2021 and a rise of 3.9% from that time.
Semis sold for an average price of $624,999. In comparison to October 2021 and September 2022, this implies a reduction of 1.9% and 10.8%, respectively.
In the Waterloo Region, there were 827 new listings uploaded to the MLS® System last month, which is a reduction of 3.3% from October of last year and a 14.3% decrease from the previous ten-year average for October.
At the end of October, there were a total of 928 active listings available for sale, up 134.9% from the same month last year but 34.9% fewer than the previous ten-year average of 1425 listings.
Even though the number of months of inventories is up 160.0% from October of last year to 1.3 months, it is still historically low. The average number of months of inventory in October from 2009 to 2015 was 3.6 months. How long it would take to sell off current inventories at the current sales pace is shown by the number of months of inventory.
In contrast to the 10 days in October 2021, the average number of days to sell in October was 22. 19 days is the preceding 5-year average.
Those in need of detailed information on property values should get in touch with a nearby REALTOR®. The best approach to acquire a thorough understanding of the housing market, your specific property, and the neighbourhood you are contemplating is to work with a Realtor.