If You Thought October Was Slow, Well November Was Even Slower for Real Estate Sales in Waterloo Region
November 2022 saw a significant slowdown in real estate sales in the Waterloo Region. According to recent statistics, sales were down by a staggering 43.7% from the previous year, and even worse, below the five-year average of 34.2%. When broken down by property type, detached homes saw a decrease of 38.3%, townhouses were down 57.1%, condominium units decreased by 49.6%, and semi-detached homes were down by 28.8%.
As if that wasn't enough, prices were also down. On average, prices were down 3.6% from the previous month, and on a year-over-year basis, prices were down 10.4%. Specific property types fared no better, with detached homes down 13.1%, townhouses down 12.3%, condominiums down 7.5%, and semi-detached homes down 9.4%.
New listings were also down. There were only 752 new listings, a 6.6% decrease from the previous year, and a 1.3% decrease from October 2022. Although active listings saw an increase of 209.4% compared to last year, the number was still down by 30% compared to the five-year average. The number of months of inventory experienced a shocking 333% increase from virtually no listings on the MLS to some listings. Despite the increase, we are still at historic lows at 1.3 months of inventory.
If you're a buyer, December is the perfect time to take advantage of the slow market. Most people don't want to go out in the snow and cold to buy a home, so you won't have to worry about competing with other buyers for the most part. As for sellers, it's best to hold off on listing your property until the third week of January. People are on vacation, and transactions are expected to be extremely low in the next two to three weeks.
During this time, you can prepare your house for sale by decluttering, painting, and making minor renovations. These simple tasks will make your home more appealing to potential buyers when the market starts to pick up again.
In summary, the real estate market in Waterloo Region experienced a significant slowdown in November 2022. Although it's not ideal for sellers, buyers can take advantage of the slow market to find their dream home. As always, it's essential to consult with a real estate professional for guidance during these uncertain times.
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