375 properties changed hands across Waterloo Region this January, with volumes up sharply compared to the record low of 297 sales set in January of 2023. Nevertheless, the month was relatively quiet with volumes down by roughly 7% compared to the 10 year average.
On a year over year (YOY) basis we saw modest gains (under 3%) in detached and townhouses prices. There was a slight decline of just under 3% in the semi-detached market, but apt. style condos were down a full 10%.
The month over month (MOM) data showed gains in every section except apt. style condos, down 8.7%. The strongest appreciation (7.5%) was in the detached category. Semis and towns were up by roughly 3% compared to December.
There were 855 homes available for sale last month. This figure, divided by 375 sales, gives us just over 2 months of inventory. Unfortunately for buyers, this means that the market has once more moved out of neutral status and back to being a sellers market.
With a slow fall last year, inventories had risen to just over 3 months in the last two months of 2023. Incredible as it seems we hadn’t seen 3 months of inventory in the late fall in a decade.
The average number of days to sell in January was 33, compared to 25 days in January 2023. The previous 5-year average is 20 days.
Sold to list ratios have stayed put at just under 100% but we are still seeing many properties with multiple offers going for considerably above asking. The more affordable segments are the most impacted by this.
We’ve had exceptionally good weather at the end of the month and this is spilling into February. I’ve been out and it’s been busy. The spring market will arrive sooner than expected if a proper Canadian winter doesn’t show up soon.
