In January, the average price for a residential property in the Waterloo region increased by over $60,000 compared to December 2021. This represents a significant change, and the speaker in a YouTube video notes that the market has changed, advising viewers to stay tuned for more information.There were 297 units sold in January, a decrease of 41.9% compared to the previous year, and 176 detached homes, 61 townhouses, 43 condominium units, and 17 semi-detached homes were sold in the region. The average price for a residential property was just over $764,000, a decrease of 20.1% compared to the same time last year but an increase of 5.6% compared to December 2021. The average detached home sold for over $888,000, an increase of over $60,000 compared to December 2021.
The average price for a townhouse was just over $625,000, a decrease of 26.1% compared to the previous year but an increase of 2.2% compared to December 2021. The average price for a condominium was just under $500,000, representing a 9.3% decrease from the same time last year in December, but an increase of 6.1% compared to December 2021. The average price for a semi-detached home was just over $650,000, representing a decrease of 21.5% compared to the same time last year and an increase of 5.5% compared to December 2021.
In terms of volume, there were 579 new listings added to the MLS within the Waterloo Region last month, a decrease of 13.3% compared to January of the previous year and a 28.7% decrease compared to the five-year average. The total number of homes available for sale in the Waterloo Region at the end of January was 651, representing an increase of 167.9% but still below the 10-year average of 998 listings, which is a decrease of 34.7%. The number of months of inventory shot up last month compared to the previous year, as it was a super incredibly crazy year starting out January 2022. The speaker notes that the number of months of inventory was still at a historic low of only one month of inventory, indicating that the region is still in a crazy seller's market.
In conclusion, the housing market in the Waterloo region has seen significant changes in the past year, with a surge in prices and a decrease in sales volume. While the number of homes available for sale has increased, it is still below the 10-year average, indicating a continued seller's market. If you are looking to buy or sell real estate in the Waterloo Region, it is advisable to stay informed and work with a knowledgeable real estate agent like myself to navigate the current market conditions.
Check out the Video: https://www.youtube.com/watch?v=8a0NZop4xKI