Waterloo Region May 2024 Market Update

Market Overview

In May 2024, the Waterloo Region real estate market experienced a decline in home sales, with a total of 742 homes sold, marking an 8.1% decrease compared to May 2023. This drop is part of a broader trend, with sales down 20% compared to the ten-year average for May. The condo market saw the most significant decline, particularly for units with one or fewer bedrooms, due to a higher supply than demand.

Sales Breakdown

  • Detached Homes: 467 sold, down 1.3% from May 2023.
  • Townhouses: 134 sold, down 3.6%.
  • Condominiums: 82 sold, down 34.4%.
  • Semi-detached Homes: 59 sold, down 13.2%.

Pricing Trends

  • Average Sale Price (All Residential Properties): $818,507 (0.3% decrease from May 2023, 2.3% increase from April 2024).
  • Detached Homes: $943,859 (1.9% decrease from May 2023, 0.4% increase from April 2024).
  • Townhouses: $653,761 (6.1% decrease from May 2023, 0.9% decrease from April 2024).
  • Condominiums: $459,260 (5.6% decrease from May 2023 and April 2024).
  • Semi-detached Homes: $699,780 (3.9% decrease from May 2023, 5.1% increase from April 2024).

Inventory and Market Conditions

  • New Listings: 1,644 new listings in May, a 28.9% increase from May 2023.
  • Active Listings: 1,741 homes available, a 95.8% increase from May 2023.
  • Months of Inventory:
    • Overall: 3.1 months
    • Condos: 6.0 months
    • Detached Homes: 2.4 months
    • Townhouses: 3.6 months

Days on Market

The average number of days to sell a home in May was 16, up from 14 days in May 2023, and consistent with the five-year average of 15 days.

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