Real estate sales in the Waterloo Region took a significant hit in February 2023. According to data, there was a 45 percent drop in sales compared to the same time the previous year. In this blog post, we will delve into the sales volume, price categories, and the competitive nature of the Waterloo Region's real estate market.
Sales Volume
A total of 439 homes were sold in the Waterloo Region in February 2023, which represents a 31.5 percent decrease compared to the previous five-year total. The sales breakdown by housing type was as follows: 256 detached homes (down 45.3 percent), 100 townhomes (down 33.3 percent), 55 condominiums (down 52.6 percent), and 28 semi-detached homes (down 56.3 percent).
Price Categories
The average residential sale price in February 2023 was just under $760,000, representing a decrease of 25.1 percent compared to the same time last year and a 0.6 percent decrease compared to January 2023. The average price for a detached home was just under $880,000, representing a 26 percent decrease compared to the same time last year and a 0.9 percent decrease compared to last month. The average sale price for a townhouse was $642,777, representing a decrease of 25.6 percent compared to the same time last year and an increase of 2.7 percent compared to January 2023. The average price for a condominium was $461,322, representing a decrease of 19.2 percent compared to the same time last year and a decrease of 6.9 percent compared to January 2023. The average price for a semi-detached home was $667,250, representing a decrease of 25.8 percent compared to the same time last year but an increase of 2.6 percent compared to January 2023.
Competitive Nature of the Waterloo Region Market
The Waterloo Region's real estate market is known to be one of the most competitive markets in Ontario, and the data seems to support this. Despite the decline in sales, the number of homes available for sale at the end of February was 692, which is an increase of 75.2 percent compared to the same time last year. However, this is still a decrease of 38 percent compared to the previous ten-year average. The number of months of inventory has also gone up by over 140 percent, with only 1.2 months of inventory available, which is historically low. Finally, the number of days it took to sell a home in February 2023 was 20 days, which is an increase compared to the same time last year, which was nine days on the market.
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