Waterloo Region Housing Market Stats – May 2021
This video provides a summary of the Waterloo Region housing market stats for the month of May, 2021. The May results come to me as a bit of a surprise. I will explain, but first lets take a look at some of the key metrics (relative to May, 2020):
- Median Sales Price was $710,000 – ↑ 30.3%
- Median Days on Market was 7 days – ↓ 6 days
- Total Number of Sales was 1,100 – ↑ 86.1%
- Total Number of Listings was 1,420 – ↑ 64.9%
CLICK HERE for the full market report.
In April, we actually encountered the first month-over-month sales price decline in quite some time. In May, the median sales price is exactly the same as it was in April. This is the second month in a row that we have seen negative or flat sales price growth in Waterloo Region.
New listing inventory will be a key metric to watch as we head into the summer months. If new listing inventory continues to outpace the number of sales, a more balanced market and continue flat sales price growth will be the likely scenario. In my opinion, this is ideal for the market. It would be nice to prices flatten out for an extended period of time. This is ideal for sellers who may have purchased before buying, and it would allow buyers to enter the market in a more stable environment.
There are also new stress test rules in place, which started on June 1. It will be interesting to see if this new policy makes a noticeable difference within the first month. I will report more about this next month!
If you have any questions about the market, or are thinking about buying or selling, please feel free to reach out to me.
