The Waterloo Region housing market wrapped up November 2024 with some exciting trends and opportunities for both buyers and sellers. Here’s what you need to know about the latest data from the Cornerstone Association of REALTORS®.
Home Sales See a Big Jump
November saw 539 homes sold in the Waterloo Region, a 21.1% increase compared to the same time last year. While sales have improved from 2023, they’re still below the 10-year historical average for November.
According to Christal Moura, spokesperson for the Waterloo Region market, “Home sales experienced a substantial increase compared to last year, and buyers are benefiting from more options in the market as inventory grows.”
A Breakdown of Sales
Here’s how different types of homes performed in November:
- Detached Homes: 331 sold (+23.5% from 2023)
- Townhouses: 113 sold (+37.8%)
- Semi-Detached Homes: 44 sold (+37.5%)
- Condos: 51 sold (-17.7%)
What About Prices?
The average sale price for homes in the region was $754,604, down slightly from both last year and the previous month. Here’s how prices looked for different property types:
- Detached Homes: $862,690 (-3.1% from 2023, -2.6% from October)
- Townhouses: $615,222 (+0.9% from 2023, -4.9% from October)
- Condos: $452,732 (+0.5% from 2023, -6.2% from October)
- Semi-Detached Homes: $643,672 (+4.5% from 2023, -1.0% from October)
What Do These Numbers Mean?
While prices for some property types are slightly lower than in previous months, the increase in inventory has created a more balanced market. If you’re thinking of buying, now might be a great time to explore your options.
Inventory and Market Conditions
November brought 889 new listings, a 2.4% increase compared to last year and an 18.4% rise above the 10-year average for November. At the end of the month, 1,565 homes were available for sale, a 20% increase from November 2023.
With more homes available, the average time to sell stayed steady at 27 days, giving buyers a little extra breathing room to make decisions.
A Good Time to Buy?
If you’re a first-time homebuyer or considering new construction, you may benefit from new mortgage reforms, including:
- 30-year mortgage amortizations now available for first-time buyers.
- Higher insured mortgage limits coming into effect on December 15, 2024.
These changes, combined with stable prices and growing inventory, could make buying more accessible than it’s been in years.
What Sellers Should Know
For sellers, the rise in inventory means pricing your home competitively is key. Working with an experienced local REALTOR® can help you market your property effectively and attract serious buyers.
