Check out these stats for Waterloo Region from WRAR
In January, the average sale price for all residential properties in Waterloo Region was $764,063. This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.
- The average price of a detached home was $888,487. This represents a 21.5 per cent decrease from January 2022 and an increase of 7.6 per cent compared to December 2022.
- The average sale price for a townhouse was $625,831. This represents a 26.1 per cent decrease from January 2022 and an increase of 2.2 per cent compared to December 2022.
- The average sale price for an apartment-style condominium was $495,753. This represents a decrease of 9.3 per cent from January 2022 and an increase of 6.1 per cent compared to December 2022.
- The average sale price for a semi was $650,588. This represents a decrease of 21.5 per cent compared to January 2022 and an increase of 5.5 per cent compared to December 2022.
If you want to chat about what’s happening in our market please reach out anytime!
Have a look at the Cambridge Market Stats for December!
Compared to November, the prices of detached properties have decreased by approximately 2.5%, condos by approximately 6%, and townhouses and semi-detached properties by approximately 5.8%.
As well, the time it takes for a property to sell is now approximately 24 days. Part of this time is the conditional periods that are now being included (and accepted) in offers! Which makes me happy to see for both Buyers and Sellers!
Our WRAR president summed it up nicely when she said “After home prices crossed the million-dollar threshold in February of 2022, we close out the year with average and benchmark prices back to where they were prior to them surging in early 2021. It’s clear that the decline in sale prices has been a direct response to the successive interest rate hikes by the Bank of Canada throughout the past several months, however, with interest rates predicted to stabilize, we should see a steadier market in 2023.”
Although our market continues to change, and prices are the lowest they have been in years, the values are still great for our area! So, it is still a great time to both buy AND sell! The important factor when buying and/or selling in this market is to hire a Realtor who has experience in all types of markets to ensure that you receive the highest level of service possible!
If you have any questions or would like to chat further about how the latest trends might affect you as a Buyer or Seller please reach out!
We are always here when you need us.
Did you know The Melissa Francis Team is part of the RE/MAX Twin Cities Brokerage, the brokerage that sells the most homes in Waterloo Region!