The 2nd Quarter Edition (April-June) 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 April and June of 2024, a total of 1101 single-detached homes were sold in the KW region, marking a slight decrease from the 1179 sales recorded in the same period in 2023. Upon closer examination and breaking down the numbers for each area, it becomes apparent that Kitchener recorded 531 home sales, Waterloo saw 239, and Cambridge experienced 331.
Regarding pricing, the average sale price for all residential properties across the Tri-Cities is as follows:
Average Sale Prices (Q2 2024):
- Kitchener: $884,196, a decrease of -6.7% from Q2 2024.
- Waterloo: $1,047,298, a decrease of -2.0% from Q2 2024.
- Cambridge: $867,451, a decrease of -2.7% from Q2 2024.
1- Year Trends
The analysis encompassed both monthly and quarterly data pertaining exclusively to detached homes in the Kitchener, Waterloo, and Cambridge areas. The quarterly graphs depict the average values for each quarter spanning from April 2023 to June 2024.
Average Sale Prices
Monthly
Quarterly
Second Quarter (April-June) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year decrease of -6.7% in Q2 2024 vs 2023.
- Waterloo: Year-Over-Year decrease of -2.0% in Q2 2024 vs 2023.
- Cambridge: Year-Over-Year decrease of -2.7% in Q2 2024 vs 2023.
Median Sale Prices
Monthly
Quarterly
Second Quarter (April-June) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year decrease of -4.8% in Q2 2024 vs 2023.
- Waterloo: Year-Over-Year decrease of -1.5% in Q2 2024 vs 2023.
- Cambridge: Year-Over-Year decrease of -2.0% in Q2 2024 vs 2023.
Number of Sales
Monthly
Quarterly
Second Quarter (April-June) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year decrease of -6.3% in Q2 2024 vs 2023.
- Waterloo: Year-Over-Year decrease of -1.2% in Q2 2024 vs 2023.
- Cambridge: Year-Over-Year decrease of -9.8% in Q2 2024 vs 2023.
Price Per Square Foot ($/SQFT)
Monthly
Quarterly
Second Quarter (April-June) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year decrease of -6.2% in Q2 2024 vs 2023.
- Waterloo: Year-Over-Year decrease of -2.5% in Q2 2024 vs 2023.
- Cambridge: Year-Over-Year decrease of -4.7% in Q2 2024 vs 2023.
Percentage Sold Above Asking Price
Monthly
Quarterly
Second Quarter (April-June) year-over-year change from 2023 to 2024:
- Kitchener: In Q2 of 2023, buyers paid an average of 9.4% above the asking price. This year, the average premium paid by buyers has decreased to 4.53%, representing a 51.9% year-over-year decline.
- Waterloo: In Q2 of 2023, buyers paid an average of 9.5% above the asking price. This year, the average premium paid by buyers has decreased to 5.27% below the asking price, representing a 44.4% year-over-year decline.
- Cambridge: In Q2 of 2023, buyers paid on average 9.1% more than the asking price, while this year, we witnessed buyers paying 2.20% more than the asking price. This represents a 75.8% decline year-over-year.
Days to Sell (Average)
Monthly
Quarterly
- Detached homes are selling on an average of 9 days in Kitchener. This timeframe is up by 28.6% from Q2 2023.
- Detached homes are selling on an average of 8 days in Waterloo. This timeframe is up by 14.3% from Q2 2023.
- Detached homes are selling on an average of 9 days in Cambridge. This timeframe is up by 28.6% from Q2 2023.
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.
