Waterloo Region Real Estate Market Update - March 2024
In March, 596 homes were sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This marks a 3.2% decrease from the same period last year and a 33.4% drop compared to the average March sales over the past five years.
Despite a challenging market, the first quarter of 2024 showed an 8.0% increase in home sales compared to the previous year, though these numbers are still below the first-quarter averages of the past decade.
“March saw the lowest home sales in over 20 years, but we're seeing a positive trend,” said Christal Moura, president of WRAR. “Prices and activity have been picking up over the past three months, and I expect this momentum to continue into spring.”
Residential sales in March included 344 detached homes (down 3.9% from March 2023), 127 townhouses (down 0.8%), 86 condominium units (down 1.1%), and 37 semi-detached homes (down 11.9%).
The average sale price for all residential properties in Waterloo Region in March was $806,279, reflecting a 3.6% increase from March 2023 and a 6.6% rise from February 2024.
For detached homes, the average sale price was $954,342, a 4.9% increase from March 2023 and a 7.3% increase from February 2024.
Townhouses averaged $667,810, a 4.4% increase from March 2023 and a 6.0% rise from February 2024.
Apartment-style condominiums averaged $483,085, a 0.3% increase from March 2023 and a 5.3% increase from February 2024.
Semi-detached homes averaged $680,039, marking a 2.9% decrease from March 2023 but a 1.0% increase from February 2024.
WRAR advises that while average sale prices can indicate long-term trends, they may not reflect changes in the value of specific properties. The MLS® Home Price Index (HPI) is recommended for gauging price trends, as it is less affected by monthly variations in the sales mix.
“Home prices have been gradually increasing since December, which is typical,” said Moura. “Future price trends will depend on the willingness and patience of potential buyers awaiting lower interest rates. With no changes expected from the Bank of Canada until at least June, some buyers may feel stuck in limbo.”
Moura recommends that anyone considering buying or selling in Waterloo Region consult a local REALTOR® to understand current market conditions and make informed decisions aligned with their goals.
In March, 1,023 new listings were added to the MLS® System in Waterloo Region, an 18.7% increase from last year but a 15.9% decrease from the ten-year March average.
At the end of March, there were 1,081 active listings, up 54.0% from last year but 1.1% below the ten-year March average of 1,093 listings.
There were 1.9 months of inventory at the end of March, a 58.3% increase from last year and 18.8% above the ten-year average. This indicates how long it would take to sell all current listings at the current sales rate.
The average number of days to sell a home in March was 19, the same as March 2023, and close to the five-year average of 18 days.
These statistics offer a snapshot of the Waterloo Region real estate market in March, highlighting both opportunities and challenges for buyers and sellers. WRAR encourages potential buyers to consult with local REALTORS® for tailored advice and insights into the current market.
View our HPI tool here to learn more: https://wrar.ca/hpi/
Click on any of the links below for an interactive view
