As 2023 comes to a wrap, the conclusion of the real estate landscape in Waterloo Region unveils a notable narrative with 6,623 transactions through WRAR’s MLS® System, a 14.8% dip from the previous year, and December sales totaling 285, the impact of higher interest rates has been palpable, driving annual sales to their lowest point in over two decades.
Breaking down December’s figures, various housing types experienced fluctuations, emphasizing the evolving dynamics. Despite an average sale price increase in December to $740,697, up 2.8% from 2022, the overall market slowdown echoes broader economic trends.
New listings decreased, underlining the challenges, with 11,528 listings throughout 2023, a 14.4% drop from 2022. Active listings at 779, up 36.0%, and a modest increase in months of inventory to 1.4 months indicate a shifting landscape.
December breakdown:
172 detached homes sold (up 3.6%)
24 semi-detached homes sold (down 4.0%)
54 townhouses sold (down 6.9%)
35 condos sold (up 2.9%)
Average sale price in December: $740,697, up 2.8% from 2022. New listings in December decreased by 6.2%, totaling 287. Throughout 2023, 11,528 new listings marked a 14.4% decrease from 2022. Active listings at the end of December: 779, up 36.0% from the previous year. Months of inventory increased by 55.6%, but still low at 1.4 months. Average days to sell in December: 30 (vs. 25 in 2022).