November 2019 Waterloo Region Real Estate Review
Seasonal trends are a very real thing in the Waterloo Region real estate market as seen in the declining inventory numbers. Our local real estate market continue to experience growth fueled by low supply and strong buyer demand. Below we review key market stats across all market segments and briefly discuss the topic of affordability in our realtor notes.
Waterloo Region Real Estate Key Market Stats
Average sale price across all property types in Waterloo region was $550,865 in November 2019. That is up from around $532,847 in October.
All listings were on market for an average of 26 days, up from 23 days in October.
Overall market supply was 1.1 months in November, down compared to 1.4 in October.
Waterloo Region Single Family Homes
Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.
Average Sale Price: $630,399 (UP from $604,355 in October)
Days on market: 26 Days (UP from 23 days)
Months Supply – Inventory: 1.1 Months (DOWN from 1.5)
The average sale price of single family homes in the Waterloo Region real estate market was $630,399 up almost $25,000 from just one month ago. The average days on market was 26 days for single-family properties. The Waterloo Region market experienced a second straight month of declining supply. With only 1.1 months of inventory there are very few single homes available.
Waterloo Region Condos
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Average Sale Price: $339,805 (UP almost $6,000 )
Average Days on Market: 35 Days (UP 2 Days)
Months of Inventory: 2.7 Months (UP from 2.6)
The average sale price for condos in Waterloo Region was $339,805 in November, up for the second straight month. Condos were selling in 35 days on average last month matching seasonal trends. There was 2.7 months of condo inventory in November, up from 1.7 months in November 2018.
Townhouses & Semi-Detached
Check out the key stats on this market segment below! Want more information on this segment? Drop a comment or contact us here.
Semi -Detached average sale price was $435,356
The average days on market for both segments was 23 days
Townhouse average sale price was $432,082
There was just 0.6 months of inventory in November 2019
Waterloo Region continues to experience low inventory numbers across all market segments putting upwards pressure on prices and affordability. In November there was 733 total property for sale which was about 300 units less compared to the same month last year. Furthermore, there was only 283 units combined between the condo, townhouse, and semi-detached segments. That is comparable to the 247 units for sale in the same month in 2016 which was the beginning of the extremely hot 2017 real estate market.
We look at these specific segments more closing because they are traditionally seen as more affordable options compared to single family homes. As inventory remains low, and prices continue to climb, more buyers and investors will turn to these segments for affordable options. This competition will further amplify the price growth in the lower price points and more affordable market segments like condos, townhomes and semi-detached properties.