Demand Remains Strong as Home Prices Increase Month-Over-Month
WATERLOO REGION, ON (May 4, 2023) — Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) remained subdued last month, with 670 homes sold in April, representing a decrease of 22.0 per cent compared to April 2022 and 18.0 percent below the previous 5-year average for the month.
“The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year,” says Megan Bell, president of WRAR. “However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.”
Total residential sales in April included 404 detached (down 22.8 per cent from April 2022), and 119 townhouses (down 20.7 per cent). Sales also included 95 condominium units (down 18.1 per cent) and 51 semi-detached homes (down 25.0 per cent).
In April, the average sale price for all residential properties in Waterloo Region was $797,716. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.
- The average price of a detached home was $925,219. This represents a 10.7 per cent decrease from April 2022 and an increase of 1.7 per cent compared to March 2023.
- The average sale price for a townhouse was $664,519. This represents a 12.7 per cent decrease from April 2022 and an increase of 3.9 per cent compared to March 2023.
- The average sale price for an apartment-style condominium was $488,971. This represents a decrease of 18.3 per cent from April 2022 and an increase of 1.5 per cent compared to March 2023.
- The average sale price for a semi was $686,792. This represents a decrease of 10.1 per cent compared to April 2022 and a decrease of 1.9 per cent compared to March 2023.
WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
All data from ITSO. InfoSparks © 2023 ShowingTime.
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