Condo and Home Prices Inch Higher for March in Waterloo Region

With spring just around the corner the Kitchener Waterloo housing market seems to be heating up once again. Sales volumes are down but prices are inching up as we are seeing more GTA buyers come back searching for homes in our area and the demand is increasing.  Lets take a look at the stats…

Sales volume set another low last month, with 611 homes sold in March, representing a decrease of 38.4 per cent compared to March 2022 and 33.6 per cent below the previous 5-year average for the month.

Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month.  With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.

Total residential sales in March included 356 detached (down 39.9 per cent from March 2022), and 126 townhouses (down 29.6 per cent). Sales also included 86 condominium units (down 32.8 per cent) and 42 semi-detached homes (down 53.3 per cent).

In March, the average sale price for all residential properties in Waterloo Region was $779,017. This represents a 18.6 per cent decrease compared to March 2022 and a 2.4 per cent increase compared to February 2023.

• The average price of a detached home was $910,152. This represents a 17.4 per cent decrease from March 2022 and an increase of 2.9 per cent compared to February 2023.
• The average sale price for a townhouse was $640,484. This represents a 19.9 per cent decrease from March 2022 and a decrease of 0.6 per cent compared to February 2023.
• The average sale price for an apartment-style condominium was $482,882. This represents a decrease of 15.2 per cent from March 2022 and an increase of 5.3 per cent compared to February 2023.
• The average sale price for a semi was $700,208. This represents a decrease of 18.2 per cent compared to March 2022 and an increase of 4.9 per cent compared to February 2023.

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	March 2023	Monthly % Change	Yr./Yr. % Change	March 2023	Monthly % Change	Yr./Yr. % Change
Composite	$739,400	1.8	-21.2	$746,300	0.5	-20.6
Detached	$839,500	2.0	-20.4	$776,100	0.7	-21.1
Townhouse	$600,500	2.0	-23.5	$641,700	0.7	-17.5
Apartment	$474,000	0.1	-18.0	$483,000	-1.9	-13.5

This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon.

While on a year-over-year basis, prices have come down close to 20 per cent, they are up compared to two years ago.

There were 859 new listings last month, a decrease of 44.1 per cent compared to March of last year and a 30.5 per cent decrease compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 716, an increase of 17.2 per cent compared to March of last year and 42.4 per cent below the previous ten-year average of 1243 listings for March.

The number of months of inventory is up 85.7 per cent compared to March of last year, but still historically low at 1.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The average number of days to sell in March was 19, compared to 8 days in March 2022. The previous 5-year average is 15 days. 

Average Sales Price – Municipality

Average Sales Price – Township

Monthly Sales By Property Type

Monthly Supply of Homes for Sale

Monthly Median Sales Price – By Property Type

Monthly Average Sales Price – By Property Type

Monthly Average Days on Market

The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring,  wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy a wonderful Easter long weekend with your families!

Kevin