The 4th Quarter Edition (October-December) of our Kitchener, Waterloo, and Cambridge Detached Real Estate Market Report will examine:
- Number of Sales
- Average Sale Price
- Median Sale Price
- Price Per Square Foot ($/SQFT)
- Percentage Paid Over Asking Price
- Days on Market
Summary
Between October and December 2023, a total of 660 single-detached homes were sold in the Tri-Cities region. Upon closer examination and breaking down the numbers for each area, it becomes apparent that Kitchener recorded 287 home sales, Waterloo saw 217, and Cambridge experienced 156. This suggests a slight decrease from Q4 in 2022 when there were a total of 668 home sales. It is important to highlight that inventory levels have shown a rise, reaching 1,105 in Q4 2023, compared to 933 in Q4 2022.
Regarding pricing, the average sale price for all residential properties across the Tri-Cities is as follows:
Average Sale Prices (Q4 2023):
- Kitchener: $830,570, down by -0.1% from this time last year.
- Waterloo: $916,622, down by -2.9% from this time last year.
- Cambridge: $828,837, up 6.5% from this time last year.
1- Year Trends
The analysis encompassed both monthly and quarterly data pertaining exclusively to detached homes in the Kitchener, Waterloo, and Cambridge areas. The quarterly graphs depict the average values for each quarter spanning from October 2022 to December 2023.
Average Sale Prices
Monthly
Quarterly
Fourth Quarter (October-December) year-over-year change from 2022 to 2023:
- Kitchener: Year-Over-Year decrease of-0.1% in Q4 2023 vs 2022.
- Waterloo: Year-Over-Year decrease of -2.9% in Q4 2023 vs 2022.
- Cambridge: Year-Over-Year increase of +6.5% in Q4 2023 vs 2022.
Median Sale Prices
Monthly
Quarterly
Fourth Quarter (October-December) year-over-year change from 2022 to 2023:
- Kitchener: Year-Over-Year increase of +1.6% in Q4 2023 vs 2022.
- Waterloo: Year-Over-Year decrease of -2.9% in Q4 2023 vs 2022.
- Cambridge: Year-Over-Year increase of +6.2% in Q4 2023 vs 2022.
Number of Sales
Monthly
Quarterly
Fourth Quarter (October-December) year-over-year change from 2022 to 2023:
- Kitchener: Year-Over-Year increase of +1.9% in Q4 2023 vs 2022.
- Waterloo: Year-Over-Year increase of +4.5% in Q4 2023 vs 2022.
- Cambridge: Year-Over-Year decrease of -10.7% in Q4 2023 vs 2022.
Price Per Square Foot ($/SQFT)
Monthly
Quarterly
Fourth Quarter (October-December) year-over-year change from 2022 to 2023:
- Kitchener: Year-Over-Year increase of +1.6% in Q4 2023 vs 2022.
- Waterloo: Year-Over-Year decrease of -2.9% in Q4 2023 vs 2022.
- Cambridge: Year-Over-Year decrease of -1.8% in Q4 2023 vs 2022.
Percentage Sold Above Asking Price
Monthly
Quarterly
Fourth Quarter (October-December) year-over-year change from 2022 to 2023:
- Kitchener: In Q4 of 2022, buyers paid on average 1.0% less than the asking price, while this year, we are witnessing an increase with buyers paying, on average, 0.13% above the asking price.
- Waterloo: In Q4 of 2022, buyers paid on average 1.4% less than the asking price, while this year, we are witnessing a similar trend with an increase of buyers paying 1.53% less than the asking price.
- Cambridge: In Q4 of 2022, buyers paid on average 0.3% less than the asking price, while this year, we are witnessing a similar trend with buyers paying 0.27% less than the asking price.
Days to Sell (Average)
Monthly
Quarterly
- Detached homes are selling on an average of 16 days in Kitchener. This timeframe is up by 23.1% from Q4 2022.
- Detached homes are selling on an average of 17 days in Waterloo. This timeframe is up by 13.3% from Q4 2022.
- Detached homes are selling on an average of 15 days in Cambridge. This timeframe is up by 7.1% from Q4 2022.
All statistics gathered independently from Huron Perth Association of REALTORS®.
This publication is not to be copied or duplicated without the express written permission of Roxanne Finn.
This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.
