September 2019 Waterloo Region Real Estate Review
Waterloo Region real estate markets continue to experience periods of low inventory fueling consistent price appreciation. Although months supply numbers remained low in September sales volume increased compared to August 2019. Note that redevelopment of uptown Waterloo, downtown Kitchener and main transit routes throughout the region continue so we can expect to see short term fluctuations in the local condo market. Finally, the townhouse and semi-detached market segments continue to see the most aggressive price growth as affordability and availability are squeezed region-wide.
Waterloo Region Real Estate Key Market Stats
Average sale price across all property types in Waterloo region was $523,658 in September 2019. That is up from around $515K in August.
All listings were on market for an average of 22 days, down from 26 days in August.
Overall market supply was 1.6 months in September, flat compared to August 2019.
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: $594,921 (UP almost $5,000)
Days on market: 22 Days (DOWN from 25 days)
Months Supply – Inventory: 1.8 Months (UP 0.1)
The average sale price of single family homes in the Waterloo Region real estate market was $594,921 in September. That is an increase of almost $5,000 from August 2019. The average days on market decreased from 25 days in August to 22 days in September. The months supply of single family homes in Waterloo Region increased by 0.1 to 1.8 months.
Waterloo Region Condos
We have great relationships with developers and sales representatives for the new condo developments in Waterloo Region. Waterloo, Kitchener and Cambridge have great options currently on the market and coming down the pipeline.
Ask us to stay updated on pre-release specials or buyer incentives we have access to!
Average Sale Price: $332,862 (DOWN Approx $3,000)
Average Days on Market: 33 Days (DOWN 11 Days)
Months of Inventory: 2.6 Months (Same as August)
Underlying stats Waterloo Region condo market remains a little more volatile compared to other market segments. Average sale price for Waterloo Region condos fell almost $3,000 in September compared to August 2019. The average days on market fell significantly from 44 days to 33 days. Finally inventory numbers remained the same from August to September with 2.6 months of inventory. Although some key stats in the Condo market are fluctuating we expect consistent growth in average sales price, as well as supply to remain around 2-3 months of inventory in the final quarter of 2019.
Waterloo Region 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 $450,151 (UP almost $14K)
The average days on market was 20 days (DOWN 2 days)
Townhouse average sale price was $439,151 (UP almost $19K)
There was just 0.9 months of inventory in September 2019
Below you can review the average sale price for townhouses and semi-detached listings in Waterloo Region between January 2018 and September 2019.
In review of the Waterloo Region real estate markets we can see that the overall market increased in average sale price fueled by single family, semi detached and townhouse price growth. As noted above, the condo segment experiences more volatility month to month but buyers, sellers and investors can experience long term growth to steadily climb.
Last month’s blog post we predicted that September would bring more inventory for buyers. Unfortunately for buyers, that was not the case. Across each market segment we noticed inventory numbers remained very similar in September compared to August. That means that Waterloo Region real estate markets remain in strong sellers markets as there are limited options for buyers in virtually every price point and segment. Note the townhouse and semi detached segments are experience extremely low inventory! This is a strong factor contributing to the aggressive price appreciation in those segments.