August 2019 Real Estate Review
Waterloo region real estate market provided little surprises in August 2019. Low inventory across all market segments continues to fuel competition at virtually every price point. That being said, average sale price for the waterloo region real estate markets slid for the third straight month from May highs. We speculate that this is a result of the lower inventory for freeholds and larger homes compared to condo sales that are typically in lower price points.
Waterloo Region Real Estate Key Market Stats
- Average sale price across all property types in Waterloo region was $515,842 in August
- All listings were on market for an average of 26 days
- Overall market supply was 1.6 months
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: $589,071
Days on market: 19 Days
Months Supply – Inventory: 1.7 Months
The average sale price of single family homes in the Waterloo Region was just under $590,00, down from its peak of about $604,000 in May. The average days on market increased from 21 days in July to 24 in august. The months supply dropped to 1.7 months in August.
Waterloo condos continue to come to market as new developments continue to come to market. Overall there is a healthy demand for affordable, centrally located condos in the Waterloo Region real estate market.
Average Sale Price: $315,000
Average Days on Market: 45 Days
Months of Inventory: 2.7 Months
Average sale price for condos in waterloo region slid almost $5,000 from July to August. The average days on market jumped from 29 days in July to 45 in August. This may be skewed at the time of writing as conditional and firms sales will continue to be processed in the first few days of each month. We will review this figure in the coming weeks. Finally, inventory numbers for condos in waterloo region dropped from 3.3 months, to 2.9 months in August.
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 $436,904
Townhouse average sale price was $421,378
The average days on market was approximately 22 days
There was just 1.0 months of inventory in August 2019
The end of July and August are traditionally slower months for sales in Waterloo Region. This held true with dropped in number of sales and inventory across most market segments. Look for inventory to bounce back up and buyer demand to slow down slightly in the coming months.