Realtors report a double-digit drop in Waterloo Region home sales

A "Home for Sale" sign appears in this undated file image. (Thirdman/Pexels.com)

Anyone trying to sell a home in Waterloo Region might be having a tougher time than their counterparts a year ago.

According to the latest report from the Cornerstone Association of Realtors, 465 homes were sold in Waterloo Region in November, a drop of 14.8 per cent compared to the same time last year and almost a 25 per cent decline compared to the average number of homes sold in November over the last 10 years.

“While seasonal slowdowns are expected at this time of year, softer demand has contributed to higher inventory levels than we’ve seen in some time,” said Christal Moura, Cornerstone Association of Realtors’ spokesperson for the Waterloo Region market. “The combination of Waterloo Region being a highly desirable place to live and the lower interest rates makes me hopeful that buyers will be coming off the sidelines in the year ahead.”

The average sales price for all homes in Waterloo Region last month was $713,751, a 5.4 per cent decrease compared to last year and down 2.7 per cent compared to the month before.

The average cost for all types of homes dropped year-over-year, with the largest difference in detached homes. The average sales price for a detached home was $827,617, down 4.3 per cent from last year and 1.8 per cent from October.

There were some increases compared to the previous month: the cost for a townhouse increased 0.5 per cent while the cost of semi-detached home went up 10.8 per cent.

Cornerstone also noted they had the highest number of homes on the market in November, in more than a decade, with 1,757 homes available at the end of the month.

On average, it took 39 days to sell a home last month.