January sales statistics from the Waterloo Region Association of Realtors show the average price for all residential properties sold last month rose 3.2 per cent compared to December.
Prices for most types of housing in Waterloo Region continue to climb.
January sales statistics from the Waterloo Region Association of Realtors show the average price for all residential properties sold last month rose 3.2 per cent , to $762,174.
That overall average was essentially flat compared to January 2023, with a 0.1 per cent decrease.
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The average price for a detached home was $911,262, up 7.5 per cent over December, and up 2.9 per cent year-over-year.
Average prices for townhomes and semis also rose month-to-month. The only category to see the average price drop from December were apartment-style condos, which fell 8.7 per cent to $446,146.
In a release, association president Christal Moura attributed that price drop to the fact there鈥檚 more supply available in the condo market than in other categories.
Realtors sold 375 homes through the association鈥檚 Multiple Listing Service system last month, an increase of 25.4 per cent compared to the previous year but down 7.4 per cent compared to the previous 10-year average for the month.
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鈥淛anuary is traditionally a slower time of year for home sales, but it鈥檚 reassuring to see the increase compared to last year,鈥 Moura said.
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鈥淭his time last year, we hit an all-time low in January home sales, and while this year has begun with sales below the historical average, the market is showing signs of improvement.鈥
A total of 720 new listings were added to the local MLS system last month, an increase of 23.5 per cent compared to January 2023 and a decrease of 3.9 per cent compared to the previous 10-year average for January.
There were 855 homes available for sale at the end of January, up 33.4 per cent year-over-year, but 1.2 per cent below the previous 10-year average for the month.
It took an average of 33 days to sell a property in January, compared to 25 days a year ago. The previous five-year average was 20 days.
鈥淲e are optimistic that this year will have more stability than last,鈥 Moura said.
鈥淲ith the Bank of Canada holding steady at a 5.0 per cent benchmark interest rate, they recognize the overall economy has slowed down.
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鈥淗owever, housing is a key metric, and we expect the Bank to maintain a balanced response so long as housing continues with moderate growth in 2024 rather than any dramatic increases.鈥
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