Here’s what’s changed in the market from August of last year
By Condo Culture
We hope you all had a great long weekend! It feels like more than half of the city’s population has been away over the last couple weeks so naturally the market can feel a little less busy at times. But that doesn't necessarily mean it was! Hot off the press to welcome in September we’ve pulled together the latest market data from the month of August. Here’s how things are shaking up and how sold prices among other things have changed since the same time last year across the local market.
- Sale Prices Median condo sales prices are up from $525,000 last August to $540,000 this year. Average Sale prices showed a similar trend. Up to $33,032 to $568,641, or a 6.17% increase.
2022 Average Sale Price: $535,609
2023 Median Sale Price: $540,000
2022 Median Sale Price: $525,000
- Number of New Listings The number of new listings increased sharply from last year. The market saw a 28% increase in new listings this past month, up substantially from one year ago - adding more supply to the local resale market, giving buyers more choice and providing those actively selling their property with more competition across the market.
New Listings in August 2022 : 242
- Number of Sales While inventory, or new condo listings increased through the month of August, the number of sales stayed relatively constant, increasing slightly by a nominal 2.7%. An increasing number of new listings with close to the same number of sales led to an increase in the number of months of inventory available, otherwise described as the number of months it would take to sell through the number of current listings based on the rate of which units are currently selling in the market. Generally, if the trend continued and supply was increasing but demand remained constant, you could expect downward pressure on prices as an increasing number of seller’s compete for the attention of the same number of buyers.
Number of Sales, August 2022: 146
Number of Months of Inventory, August 2023: 3
Number of Months of Inventory, August 2022: 2
- Sold Price vs. Original List Price The sold or selling price vs. the original price can provide an indicator of how competitive the market is relative to current listing prices. The month of August showed an increase over last year whereby buyers this year, on average, were willing to pay full price for listings across the market vs. buyers at the same time last year who were willing to pay less relative to current listing prices at the time.
Sold to Original List Price, August 2022: 98.2%
Need help deciphering the current market and understanding when is the right time to act on an opportunity and when isn’t? Our team of experts specialize in the local condo market in order to help provide a deeper understanding of what’s actually happening on the ground so you can make the most informed decisions and ensure you’re in the loop on the best opportunities as soon as they come available. Call us at 519-744-8700, DM us on social or use the chat tool on our site to get in touch and ask us a question, anytime.
Have a great week!
-CC
Data Source: Kitchener-Waterloo Association of Realtors ®, Waterloo Region Condo and Residential Sales Statistics, Waterloo Region, August 2022 vs. August 2023.