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Home sales remain quiet in Waterloo Region in January

FILE photo. January is typically a slow month in real estate and that was the case in Waterloo Region in January as realtors say 375 homes changed hands. Cole Burston/Bloomberg via Getty Images

It was another quiet month for real estate in Waterloo Region in January, according to the Waterloo Region Association of Realtors.

January is typically a slow month in real estate and that was the case in Waterloo Region in January as the realtors say that 375 homes changed hands.

While this is a 25.4 per cent increase over last January, it is also a 7.4 per cent drop from the 10-year-average for January.

“January is traditionally a slower time of year for home sales, but it’s reassuring to see the increase compared to last year,” said Christal Moura, WRAR president.

“This 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.”

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The average sale price was $762,174, which is up 3.2 per cent from December and 0.1 per cent from the previous January.

“We are optimistic that this year will have more stability than last,” Moura said. “With the Bank of Canada holding steady at a 5.0 per cent benchmark interest rate, they recognize the overall economy has slowed down. However, 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.”

More homes were placed on the market as 720 new listings were added to MLS, which is up 23.5 per cent compared with January 2022. It is also 3.9 per cent below the 10-year-average for January.

Moura said that the higher prices were generally for houses as the condo market is seeing an increase in supply.

“With the exception of condo apartment property types, we saw mostly yearly and monthly price gains across the housing types,” Moura said. “This is because there is more supply in the condo segment (2.8 months) compared to the other property types.”

The number of days houses are sitting on the market in Waterloo Region continues to increase as on average, it took 33 days to sell a home in the area. Last January, that number was 25 days.

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