WATERLOO REGION, ON (April 4, 2024) — Despite facing some challenges, the real estate market in Waterloo Region remains robust and full of potential.
In March, a total of 596 homes found new owners through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). While this reflects a slight decrease of 3.2% compared to the same period last year and a larger decline of 33.4% compared to the five-year average for March, there are numerous reasons for optimism.
The first quarter of 2024 witnessed an overall increase in home sales, with an uplifting 8.0% rise compared to the previous year. Although these figures still fall short of the first-quarter sales of the past decade, they highlight the market’s resilience and its capacity for growth.
Total residential Sales Property Types:
- Detached homes: 344 (down 3.9% from March 2023)
- Townhouses: 127 (down 0.8%)
- Condominium units: 86 (down 1.1%)
- Semi-detached homes: 37 (down 11.9%)
Despite the fluctuating market conditions, there’s good news on the pricing front. The average sale price for all residential properties in Waterloo Region in March was $806,279, representing a healthy 3.6% increase compared to March 2023 and a notable 6.6% increase compared to February 2024.
Breaking Down the Numbers:
- Average price of a detached home: $954,342 (4.9% increase from March 2023)
- Average price of a townhouse: $667,810 (4.4% increase from March 2023)
- Average price of an apartment-style condominium: $483,085 (0.3% increase from March 2023)
- Average price of a semi-detached home: $680,039 (2.9% decrease from March 2023)
These figures collectively paint a picture of a resilient real estate market in Waterloo Region, with promising signs of growth and stability. As we move into the spring season, the momentum seen in recent months is expected to continue, fostering a positive environment for both buyers and sellers alike.
