We hope you’ve enjoyed the last stretch of summer and that your September is off to a great start! As the market transitions into fall, we’re seeing some interesting trends in the Waterloo Region real estate landscape. While overall residential sales have cooled, detached homes continue to be in high demand, offering unique opportunities for both buyers and sellers.
Waterloo Region Sees Strong Demand for Detached Homes Amid Cooler Residential Sales in August
WATERLOO REGION, ON (September 5, 2024) — In August, 539 homes were sold in the Waterloo Region through the MLS® System of the Cornerstone Association of REALTORS®, marking a 5.3% decrease from last year and a 24.1% drop from the ten-year average for the month.
Despite a cooling market, detached homes saw a 6.0% increase in sales year-over-year. With stable home prices and decreasing interest rates, some buyers took advantage of the summer slowdown to target specific property types, like single-family homes.
August Residential Sales Comprised:
335 detached homes (up 6.0% from August 2023). The average detached home price was $889,085, up 0.8% from August 2023 but down 2.7% from July 2024.
103 townhouses (down 22.6%). The average sale price for a townhouse was $611,164, down 7.5% from August 2023 and 1.5% from July 2024.
60 condos (down 18.9%). The average sale price for an apartment-style condo was $457,075, down 5.8% from August 2023 and 7.7% from July 2024.
40 semi-detached homes (down 11.1%). The average sale price for a semi-detached home was $654,070, down 2.8% from August 2023 and 1.9% from July 2024.
In August, the average sale price for residential properties in Waterloo Region was $769,203, up 1.1% from August 2023 but down 1.7% from July 2024.
In August, 988 new listings were added to the MLS® in Waterloo Region, down 4.2% from last year but up 7.3% from the 10-year average. Active listings totaled 1,640, a 49.2% increase from last August and 40.1% above the 10-year average. Inventory grew by 50%, providing a 3.0-month supply of all property types. Condominium apartments had the highest supply at 5.3 months, followed by townhouses at 3.5 months, and detached homes at 2.5 months. Homes took an average of 25 days to sell, compared to 19 days in August 2023 and the five-year average of 19 days.
We're seeing increased inventory and longer days on market, but this may change if the Bank of Canada continues lowering interest rates. Buyers must balance potentially lower rates with the risk of rising prices as demand grows. The next rate announcement is October 23, 2024, and while the fall market may not be as active as in past years, it's a good early indicator for 2025. With easing rates, more buyers are returning to the market, but a more significant rate reduction is needed for a full recovery.
If you have any questions about the current real estate market, are considering buying or selling, or want to plan ahead for 2025, reach out to us today—we’d love to help!
Becky Deutschmann and Drew Dickinson
becky@elitere.ca | drew@elitere.ca
519-841-6511 | 519-500-2805
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If you’re planning to sell your home in the next few months, now is the perfect time to make some interior upgrades that can significantly increase its value. You don’t have to spend a fortune to make your home more appealing to buyers—sometimes, small, strategic improvements can make a big impact. Here are 3 budget-friendly upgrades to consider:
✔️ Update Your Kitchen:The kitchen is a key selling point for any home, but you don’t need a full renovation to make it shine. Start by refreshing your cabinets with a coat of paint or by replacing the hardware with modern, stylish options. If your countertops are looking worn, consider resurfacing them with an affordable material like laminate that mimics the look of stone. Adding a new backsplash with peel-and-stick tiles can also give your kitchen a fresh, updated look without breaking the bank.
✔️ Refresh the Bathrooms: A few simple updates can make your bathrooms feel more modern and inviting. Replace old faucets and showerheads with sleek, water-efficient models that won’t cost much but will make a noticeable difference. Re-grouting tiles and replacing worn-out caulk around the tub and shower can make the space look cleaner and more polished. Adding a new mirror or updating your vanity with a fresh coat of paint can also give your bathroom a refreshed appearance at a minimal cost.
✔️ Brighten Up With Lighting and Paint: Good lighting and fresh paint can work wonders in transforming your home’s interior 💡. Swap out outdated light fixtures for budget-friendly, modern designs that enhance each room’s appeal. Adding energy-efficient LED bulbs can also brighten your space while saving on electricity costs. When it comes to paint, opt for neutral tones like soft whites to create a clean, inviting atmosphere that appeals to a wide range of buyers. A fresh coat of paint on the walls, trim, and doors can instantly make your home feel newer and more well-maintained.
These budget-friendly upgrades can be done in the months leading up to your sale, helping to increase your home’s value without stretching your budget. By focusing on these cost-effective improvements, you’ll make your home more attractive to buyers and stand out in the market.
A listing appointment is much more than just evaluating your home—it’s about understanding your unique goals, timelines, and what you need from the sale. Here’s how we approach it:
1. Understanding Your Goals:
Our first priority is to learn about your specific needs. Whether you’re looking for a quick sale, aiming for the best price, or need flexibility on moving dates, we’ll take the time to understand your objectives. We’ll also discuss whether you plan to sell first or buy first, and if you might need help finding an interim place to stay. This ensures we develop a strategy that fits your situation perfectly.
2. Learning About Your Home:
During the appointment, we’ll tour your home and ask detailed questions about any updates, renovations, and special features. We’ll also take note of the little things that make your home unique. This gives us the full picture to properly assess its value and present it to buyers in the best possible light.
3. Providing Recommendations:
We’ll also provide suggestions on small improvements or fixes you can make to maximize your home’s sale price. Whether it’s a minor repair, fresh paint, or staging advice, we’ll give you tips to help prep your home and ensure it stands out in the market.
4. Property Valuation
Although we’ll discuss market trends and comparable homes during the appointment, we don’t provide an exact price on the spot. Once we’ve gathered all the necessary information and have seen your home, we take the time to carefully analyze the data and will follow up with a well-researched price for your property.
5. Marketing & Pricing Strategy:
We will walk you through a comprehensive marketing strategy designed to attract the right buyers and showcase your home in the best light. This includes professional photography, social media promotion, detailed online listings, and targeted advertising.
In addition to marketing, we’ll also discuss pricing strategy options. Depending on market conditions and your goals, we may recommend:
Listing Low and Holding Offers: This strategy can create urgency and competition among buyers, potentially leading to multiple offers and a higher final sale price.
Listing at Market Value: Alternatively, pricing at market value allows for a straightforward approach that appeals to buyers who are ready to make offers based on fair market assessments.
We’ll work with you to determine the best strategy for your specific situation.
6. Answering Your Questions:
This is your chance to ask any questions you have about the process. We’re here to provide clarity on everything from how showings are handled to market conditions, timelines, and more.
7. Next Steps:
After our meeting, we’ll follow up with a comprehensive property valuation and outline the next steps. We’ll guide you through prepping your home, including any suggestions for maximizing value, so you can hit the ground running.
A listing appointment is about ensuring we’re fully aligned with your goals and setting your home up for a successful sale. If you’re ready to get started or want more details, reach out to us today! We’re here to help every step of the way.
