Waterloo Region Real Estate Market Update - April 2024
In April, 692 homes were sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This marks a 3.3% increase from April last year and a 12.3% decrease compared to the average number of homes sold over the previous five years for the same month.
“The real estate market was well-balanced last month,” said Christal Moura, president of WRAR. “We saw a slight uptick in home sales and moderate price fluctuations. Notably, the number of homes for sale reached an eight-year high for April, providing more options for potential buyers.”
Residential sales in April comprised 406 detached homes (up 0.5% from April 2023), 137 townhouses (up 15.1%), 90 condominium units (down 5.3%), and 57 semi-detached homes (up 11.8%).
The average sale price for all residential properties in Waterloo Region was $800,087 in April. This reflects a 0.3% increase compared to April 2023 and a 0.7% decrease compared to March 2024.
The average price of a detached home was $938,478, a 1.4% increase from April 2023 and a 1.8% decrease compared to March 2024.
Townhouses sold for an average of $660,945, a 0.5% decrease from April 2023 and a 0.8% decrease compared to March 2024.
Apartment-style condominiums had an average sale price of $485,556, down 1.1% from April 2023 but up 0.5% from March 2024.
The average price for a semi-detached home was $665,936, a 3.0% decrease from April 2023 and a 2.1% decrease from March 2024.
WRAR advises that while average sale prices can indicate long-term trends, they may not reflect changes in individual property values due to variations in sales activity. The MLS® Home Price Index (HPI) offers a more accurate gauge of price trends.
In April, 1,443 new listings were added to the MLS® System in Waterloo Region, a 65.3% increase from April last year and a 15.5% increase compared to the ten-year average for April.
By the end of April, there were 1,390 homes available for sale, a 101.4% increase from last year and 13.6% above the ten-year average of 1,224 listings for April.
At the end of April, the inventory stood at 2.5 months, a 108.3% increase from last year and 38.1% above the ten-year average. The inventory measures how long it would take to sell all current listings at the current sales pace.
Homes took an average of 18 days to sell in April, compared to 16 days in April 2023 and a five-year average of 15 days.
WRAR’s President recommends that those interested in buying or selling property in the Waterloo Region consult a local REALTOR® for insights into current market conditions to make informed decisions aligned with their goals.
These statistics provide a snapshot of the Waterloo Region's real estate market in April, highlighting both opportunities and challenges for buyers and sellers. WRAR encourages potential buyers to contact local Realtors for personalized advice and information about the local market.
For more information, explore our HPI tool here: [WRAR HPI Tool](https://wrar.ca/hpi/)
