Home prices fell slightly in the area in February and the number of homes that changed hands was also down, according to the Waterloo Region Association of Realtors.
In total, there were 485 homes sold in the region last month, which is up 9.7 per cent year over year but 19 per cent below the previous 10-year average, according to the Realtors.
“Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” WRAR president Christal Moura stated.
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The average purchase price fell to $755,934, which is down 0.7 per cent from a year earlier as well as from January.
On average, a detached home went for $889,280 in Waterloo Region in February, which is down 2.2 per cent from January but up .5 per cent year over year.
“With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run,” Moura said.
There were 800 new listings added to the market in February, which is up 18.7 per cent from a very quiet February 2023 but 6.9 per cent below the average for the previous 10 years.
The Realtors say there was 1.7 months of inventory on the market at month’s end, which is 54.5 per cent above what it was a year earlier. This is a number that shows how long it would take to sell off all of the listings at the current sales rate.
The average number of days it takes to sell a house continues to climb and now stands at 23 days. It was 20 in February 2023, while the previous five-year average is 16 days.
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