Region sees increase in home sales in November: Report

While home sales across the region increased by 21.1 per cent in November compared to last year, it still fell below the 10-year average for the area.

A report from the Cornerstone Association of Realtors shows that 539 homes were sold through the Multiple Listing System (MLS) Service last month, which is a 13.1 per cent drop compared to the 10-year average.

The average sale price sat at $754,604 in the region, which was a 3.3 per cent decrease from October and a slight 0.2 per cent decrease compared to last year.

The report also showed the total number of homes available for sale rose by 20 per cent from last year and jumped by a whopping 57.8 per cent compared to the decade long average.

“Home sales in the Waterloo Region experienced a substantial increase in November compared to last year. However, sales were down from the previous month and remain below the historical averages for the area,” Christal Moura, spokesperson for the Waterloo Region market, said in a media release. “November has shown more balanced conditions, and the increase in available homes has benefited buyers, giving them more options.”

There was a small increase in the time it took to sell a home, rising to 27 days from 24 days. The five-year average for November is 19 days.

The full report from Cornerstone can be found on its website.