Region’s housing market cooled in June according to monthly report
Posted Jul 5, 2024 04:36:35 PM.
Last Updated Jul 5, 2024 04:36:42 PM.
The housing market in Waterloo Region saw a bit of a cooldown in June 2024 when compared to this time in 2023.
That’s according to the latest June report from the Waterloo Region Association of Realtors.
674 homes were sold in the region which is a decrease of 13.7 per cent from June 2023 and a decline of 24.8 per cent compared to the average number of homes sold in the previous 10 years for the same month.
Tony Johal is a broker with Remax Twin City serving Waterloo Region and he said in an interview with CityNews 570 that homes started to sit on the market for a little longer than normal.
“Once we got to June, homes started to sit on the market a little longer,” said Johal. “More inventory hit the market. It was great for buyers because there was lots of options to pick from and choice. When lots of inventory hits the market, it just outpaces buyer demand then homes do tend to sit on the market a little bit longer.”
In 2023, the average length of time that a home would sit on the market before being sold was 15 days. In June 2024, it was 18 days.
“It was longer than usual by a few days. This past June it took about 18 days. Not dramatically longer but overall it was longer,” he said.
The report said that the average price of a detached home was $900,307 which represents a 10.3 per cent decrease from June 2023 and a decrease of 4.6 per cent compared to May 2024.
In June, the average sale price for all residential properties in the region was $790,945. This is a 5.8 per cent decrease compared to June 2023 and a 3.3 per cent decrease compared to May 2024.
Market-wide inventory levels were up 73.7 per cent, with 3.3 months supply for all property types at the end of June. The property type that gained the most inventory was the condo apartment segment.
There were 1,431 new listings added to the MLS System in the region last month which is an increase of 7.6 per cent compared to June 2023 and a 10.6 per cent increase compared to the previous ten-year average for June.
