An Influx of new Homes for sale hit the market here in Kitchener Waterloo and Cambridge

I hope you are having a great start to May. The weather has been warming up and the garden centres are starting to get busy!

The Real Estate market here in Waterloo Region has started to get busier now that spring is here as well. The numbers are out for April so let’s take a look at the stats.

In April, a total of 692 homes were sold, this represents an increase of 3.3% compared to the same period last year and a decline of 12.3% compared to the average number of homes sold in the previous 5 years for the same month.

The real estate market appears to be balancing out last month. The market experienced a slight increase in home sales and moderate price fluctuations. Additionally, the number of homes for sale reached an eight-year high for the month of April, which translates to more available options for potential buyers.

Total residential sales in April included 406 detached (up 0.5 per cent from April 2023), and 137 townhouses (up 15.1 per cent). Sales also included 90 condominium units (down 5.3 per cent) and 57 semi-detached homes (up 11.8 per cent).

In April, the average sale price for all residential properties in Waterloo Region was $800,087. This represents a 0.3 per cent increase compared to April 2023 and a 0.7 per cent decrease compared to March 2024.

The average price of a detached home was $938,478. This represents a 1.4 per cent increase from April 2023 and a decrease of 1.8 per cent compared to March 2024.
The average sale price for a townhouse was $660,945. This represents a 0.5 per cent decrease from April 2023 and a decrease of 0.8 per cent compared to March 2024.
The average sale price for an apartment-style condominium was $485,556. This represents a decrease of 1.1 per cent from April 2023 and an increase of 0.5 per cent compared to March 2024.
The average sale price for a semi was $665,936. This represents a decrease of 3.0 per cent compared to April 2023 and a decrease of 2.1 per cent compared to March 2024.

Average Sale Price – Monthly

April2024-Average_Sales_Price-By_Property_Type

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	April 2024	Monthly % Change	Yr./Yr. % Change	April 2024	Monthly % Change	Yr./Yr. % Change
Composite	$745,000	0.6	-1.9	$759,000	1.5	-0.1
Detached	$860,400	0.8	-0.7	$794,100	1.8	0.1
Townhouse	$619,200	0.7	0.3	$659,600	1.1	2.8
Apartment	$458,400	-0.8	-3.8	$490,100	-0.1	2.0

There were 1,443 new listings added last month, an increase of 65.3 per cent compared to April last year and a 15.5 per cent increase compared to the previous ten-year average for April.

The total number of homes available for sale in active status at the end of April was 1,390, an increase of 101.4 per cent compared to April of last year and 13.6 per cent above the previous ten-year average of 1,224 listings for April.

At the end of April, there were 2.5 months of inventory, a 108.3 percent increase compared to last year and 38.1 percent above the previous 10-year average. 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 April was 18, compared to 16 days in April 2023. The previous 5-year average is 15 days.

If you have any questions at all, are thinking of making a move this spring and wondering what your home might be worth, give me a call or text to 519-497-4646 and we can sit down for a coffee and chat about your family’s needs going forward.

Enjoy the rest of your May and Happy Mothers Day to all the moms out there next weekend!

Kevin