Achi news desk-
The number of sales for homes in Waterloo Region hit a record low in March, as average prices rose across all categories.
Data from the Waterloo Region Association of Realtors shows that 596 homes were sold through the association’s Multiple Listing Service (MLS) system last month.
That is a decrease of 3.2 per cent over March 2023 and 33.4 per cent below the previous five-year average for the month.
Still, an association news release said the first three months of the year saw an eight percent increase in sales compared to the same period last year.
“Although home sales in Waterloo Region reached their lowest level for March in over two decades, we are also witnessing a positive trend,” said association president Christal Moura.
“Over the past three months, prices and activity have started to pick up, and I expect this momentum to continue into the spring.”
After retreating slightly in February, average prices in all residential categories jumped last month.
The average price for all residential properties sold last month was $806,279, up 6.6 per cent on February’s results – a month-on-month increase of just over $50,000 – and 3.6 per cent higher a year on year.
The average price for a detached home was $954,342, up 7.3 per cent over February – an increase of almost $65,000 – and 4.9 per cent higher than March 2023.
For the remaining categories, townhouses saw the biggest month-on-month increase, up six per cent from February to $667,810, and a 4.4 per cent increase over March 2023.
Apartment-style condominiums sold for an average of $483,085 last month, rising 5.3 percent above February’s figures but only up 0.3 percent from a year ago.
Semis saw a one percent increase month-on-month to $680,039 – that’s down 2.9 percent compared to March 2023.
“Home prices have been steadily increasing since December, which is a typical trend,” Moura said.
“The rate and extent of the further increase will depend on the willingness and patience of potential home buyers who have been waiting for lower interest rates before buying.”
Many analysts do not believe the Bank of Canada will move to lower rates before June, leaving some potential buyers feeling “stuck in limbo,” he said.
Although the number of homes coming to market is still below historical levels, inventory is increasing compared to last year.
A total of 1,023 new listings were added to the local MLS system in March, up 18.7 percent from last year but 15.9 percent below the previous 10-year average for the month.
There were 1,081 homes available for sale at the end of March — that’s 54 percent higher year-on-year, but about one percent lower than the previous 10-year March average.
Months of inventory – the time it would take to sell current inventory at the current pace – was 1.9 months at the end of March, more than 58 percent higher than a year ago.
It took an average of 19 days to sell a property last month, around the previous five-year average of 18 days.
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