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Kitchener, Waterloo, Cambridge Real Estate Prices, Everything You Need to Know: 3rd Quarter Review 2023

 

The 3rd Quarter Edition (July-September) 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

From July to September 2023, there were 862 single-detached homes sold across the Tri-Cities. This figure represents a slight decline from the same period last year when there were 932 total home sales. When we break down the numbers for each area, we find that 409 homes were sold in Kitchener, 151 in Waterloo, and 302 in Cambridge. In all three cities, the number of sales has seen a slight decrease from Q3 2022, although inventory levels have increased.

Megan Bell, the president of the WRAR (Waterloo Region Association of REALTORS), commented, “The number of homes sold in September closely resembled the decade-low we saw in September last year. However, it’s important to highlight that we experienced a record number of new listings for the same month.”

Regarding pricing, the average sale price for all residential properties across the Tri-Cities is as follows:

Average Sale Prices (Q3 2023):

  • Kitchener: $885,535, up 7.4% from this time last year.
  • Waterloo: $958,132, up 2.0% from this time last year.
  • Cambridge: $840,987, up 4.6% from this time last year.

1- Year Trends

Examined both Monthly & Quarterly for the Kitchener, Waterloo, and Cambridge area for detached homes only. Quarterly graphs show the average for each Quarter July from 2022-September 2023.


Average Sale Prices

Monthly

Quarterly

Third Quarter (July-September) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year increase of +7.4% in Q3 2023 vs 2022.
  • Waterloo: Year-Over-Year increase of +2.0% in Q3 2023 vs 2022.
  • Cambridge: Year-Over-Year increase of +4.6% in Q3 2023 vs 2022.

Median Sale Prices

Monthly

Quarterly

Third Quarter (July-September) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year increase of +3.1% in Q3 2023 vs 2022.
  • Waterloo: Year-Over-Year increase of +7.3% in Q3 2023 vs 2022.
  • Cambridge: Year-Over-Year increase of +9.5% in Q3 2023 vs 2022.

Number of Sales

Monthly

 

Quarterly

Third Quarter (July-September) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -9.9% in Q3 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -3.8% in Q3 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -6.5% in Q3 2023 vs 2022.

Price Per Square Foot ($/SQFT)

Monthly

 

Quarterly

Third Quarter (July-September) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year increase of +5.1% in Q3 2023 vs 2022.
  • Waterloo: Year-Over-Year increase of +3.1% in Q3 2023 vs 2022.
  • Cambridge: Year-Over-Year increase of +1.9% in Q3 2023 vs 2022.

Percentage Sold Above Asking Price

Monthly

 

Quarterly

 

Third Quarter (July-September) year-over-year change from 2022 to 2023:

  • Kitchener: In Q3 of 2022, buyers paid on average 0.8% less than the asking price, while this year, we are witnessing an increase with buyers paying, on average, 4.47% above the asking price.
  • Waterloo: In Q3 of 2022, buyers were typically paying for what a property was listed for, while this year, we are witnessing an increase with buyers paying, on average, 5.60% above the asking price.
  • Cambridge: In Q3 of 2022, buyers paid on average 0.3% less than the asking price, while this year, we are witnessing an increase with buyers paying, on average, 3.77% above the asking price.

Days to Sell (Average)

Monthly

 

Quarterly

  • Detached homes are selling on an average of 9 days in Kitchener. This timeframe is down by 30.8% from Q3 2022.
  • Detached homes are selling on an average of 9 days in Waterloo. This timeframe is down by 25.0% from Q3 2022.
  • Detached homes are selling on an average of 10 days in Cambridge. This timeframe is down by 23.1% from Q3 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.


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