In April, there was a significant increase in new home listings in the Waterloo Region, with 1,443 homes being listed. This represents a 65.3% increase from the previous year and a 15.5% increase over the 10-year average. Despite the influx of new listings, the average price of homes in the area remained relatively stable at $800,087, which is only a 0.3% increase from the previous year and a 0.7% decrease from March. For fully detached homes, the average cost was $938,478, a 1.4% increase from the previous year but a 1.8% decrease from March. Despite the increase in options for buyers, houses were still selling, with 692 properties changing hands in April.
The real estate market in the Waterloo Region appeared to be well-balanced in April, with a slight increase in home sales and moderate price fluctuations. According to WRAR president Christal Moura, the number of homes for sale reached an eight-year high for the month of April, providing potential buyers with more options. By the end of April, there were 1,390 homes available for sale, representing a 101.4% increase from the previous year and a 13.6% increase from the 10-year average. The market also had 2.5 months’ worth of inventory, which is 108.3% higher than April 2023 and 38.1% above the previous 10-year average.
Despite the increase in inventory, the average price of buying a home in the Waterloo Region remained relatively stable in April. While there were more options for buyers, the average price of $800,087 only saw a minor increase year-over-year. The average cost of fully detached homes was $938,478, showing a slight increase from the previous year. Despite the moderate price fluctuations, houses were still moving in the market, with 692 properties changing hands in April, reflecting a 3.3% increase from the previous year.
The increase in new home listings in April provided potential buyers with more options in the Waterloo Region real estate market. The number of homes for sale reached an eight-year high for the month of April, giving buyers a wider selection to choose from. Despite the increase in inventory, houses were still selling, with 692 properties changing hands in April. The market was well-balanced, with a slight increase in home sales and moderate price fluctuations, making it an interesting time for both buyers and sellers in the area.
Overall, the real estate market in the Waterloo Region in April was characterized by a significant increase in new home listings, providing potential buyers with more options. Despite the higher inventory levels, the average price of buying a home remained relatively stable, with minor fluctuations year-over-year. The market was well-balanced, with a slight increase in home sales and moderate price fluctuations. The increase in inventory levels also resulted in a higher number of homes available for sale and a longer inventory time, indicating a healthy and active real estate market in the region.
