In July, the Waterloo real estate market experienced a second straight decline in inventory. Listings continue to sell in about three weeks on average and for approximately 100% of asking price. The Waterloo real estate markets continue to be competitive signalling values should appreciate.
Waterloo Region Real Estate Key Market Stats
- Average sale price across all property types in Waterloo region was $516,481 in July 2019
- All listings were on the market for an average of 22 days
- Overall market supply was 1.8 months in July 2019
Wondering how July compared to past months? View our monthly blogs to see!
Single Family Homes
For single family homes the average sale price has increased by 6.3% from July 2018. The average days on market was 20 days, and the months supply remained at 2 months for the second straight month.
- Average Sale Price: $594,270
- Days on market: 21 Days
- Months Supply – Inventory: 2.0 Months
The Waterloo real estate market continues to experience very low inventory, especially in single family homes. Low inventory is fueling competition and price appreciation in this segment.
For example, months of inventory for single family homes priced between 200-450,000 is just 0.3 months, down from 0.5 months last year. That is a decrease of about 40%. For single family homes priced above $450,000 there is just 2.4 months of inventory. This is down from 2.8 months (14.3% drop) in the same month last year.
Our Waterloo region real estate market continues to provide opportunity in the Condo segment as redevelopment of the city core’s progress. New developments from local and national organization in uptown Waterloo and downtown Kitchener continue to be the focus for local residence and investors.
- Average Sale Price: $320,250
- Average Days on Market: 29
- Months of Inventory: 3.3 Months
Waterloo Condos increased in average sale price by almost $15,000 from June to July. Average days on market increased slightly from 19 to 21. Months of inventory increased from 2.9 in June to 3.3 in July.
Townhouses & Semi-Detached
- Semi -Detached average sale price was $436,904
- Townhouse average sale price was $421,378
- The average days on market was 21 days in June for this segment
- 1.0 months of inventory in July 2019 down from 1.2 in June
Developers and builders just can’t bring new units to market quick enough in this segment. Buyers have been hungry for affordable freehold options which townhouses and semi-detached properties have traditionally filled. What we have found, especially over the past few years, is that the price gap between smaller detached homes and this segment has continued to shrink.
We have speculated that Investor demand and a shift in buyer trend from the resale market to pre-construction has also fueled aggressive price growth in towns and semis. Check Buzz Buzz for pre-construction and upcoming developments in Waterloo Region and surrounding areas.
Realtor Notes – Buyers be ready!
Buyers, we feel your pain. There are few options out there and anything good is sold very quickly and likely above asking. We work with buyers every day and we found that education, qualification, and preparation are the best way to find great deals in any market.
Educate yourself on the buying process and to better understand the market conditions. Qualify yourself with a mortgage pre-approval, have your deposit ready, and get comfortable with the types of offers that are going to win you the perfect home when you see it! Finally prepare yourself to actively search with the right tools. Buyers, prepare to active search and make sure you are using the best tools. Get connected on a realtor quality property search! Review any options as soon as they come to market and be prepared to search. This will help you narrow your search so you can confidently offer on the next property that matches exactly what you are looking for.