In April, the Waterloo Region Association of Realtors reported a significant increase in new home listings, with 1,443 homes being listed. This is a 65.3% increase compared to the previous year and 15.5% above the average of the last 10 years. Despite the surge in options for buyers, the average price of buying a home in the area remained stable, with homes selling for an average of $800,087. This represents a minimal 0.3% increase year-over-year and a 0.7% decrease from March.
For those in the market for a fully detached home, the average cost was $938,478 in April. This is a 1.4% increase compared to the previous year but a 1.8% decrease from March. Even with the increase in available listings, houses were still moving, with 692 properties changing hands in April. This is a 3.3% increase from 2023, although it is a 12.3% decrease compared to the previous five-year average.
WRAR president Christal Moura described the real estate market as well-balanced in April, with a slight increase in home sales and moderate price fluctuations. The number of homes for sale reached an eight-year high for the month of April, providing more options for potential buyers. By the end of April, there was a significant amount of inventory on the market, with the realtors reporting 2.5 months worth of inventory. This is a 108.3% increase over April 2023 and 38.1% above the previous 10-year average. Inventory time is calculated based on how long it would take to sell off all listings at the current rate of sales.
Overall, the real estate market in Waterloo Region saw a surge in new home listings in April, providing potential buyers with more options. Despite the increase in inventory, the average price of buying a home remained relatively stable, with homes selling for an average of $800,087. The market experienced a slight increase in home sales and moderate price fluctuations, with fully detached homes averaging $938,478 in April. Despite the increase in available listings, houses were still selling, with 692 properties changing hands in April.
The real estate market in Waterloo Region appeared to be well-balanced in April, with a significant increase in new home listings providing more options for potential buyers. The average price of buying a home remained stable, with fully detached homes seeing a slight increase in cost. Despite the surge in inventory, houses were still moving, with 692 properties changing hands in April. The inventory on the market reached an eight-year high for the month of April, with 2.5 months worth of inventory available. This provides buyers with more options and flexibility in their home buying decisions.
