Condo Market Intel: January 2024 Stats in Waterloo Region
By Condo Culture
Condo Culture’s January Market Summary:
January presented a continued condo buyer’s market, albeit a much more active one, which is a great sign pointing towards a balanced market. New listings were up dramatically from December 2023, providing a significant amount of new inventory to the market. With that also came a large increase in sales activity, both month-over-month and year-over-year. However, it’s clear the increase in inventory outpaced the demand, resulting in a slight drop in average sales prices and an increase in days to sell.
Overall, buyers are being presented with more options and sellers have more competition, resulting in more flexibility on sales price and offer conditions. Stats are also showing that average closing sales prices were 97.9% of full asking price.
Our advice? If you’re in the market to buy or have considered entering it, now’s definitely the time to get serious, especially with the rates stabilizing. Your budget will go further, you’ll have more options and the sales environment is much lower pressure than it has been in the past. It’s a perfect time for new buyers and investors to get into the market and maximize their ROI in the long term before demand increases and inventory goes back down.
