While home sales were setting new lows in Waterloo Region, prices took a slight uptick, according to realtors in the area.
The Waterloo Region Association of Realtors says that 596 homes changed hands last month, which is down from 3.2 per cent from 2023, and 33.4 per cent over the previous five years.
The realtors say they find solace in the fact that while home sales were down in March, they were still up by eight per cent over the first quarter of 2023.
“While home sales in Waterloo Region hit a record low for March in over two decades, we’re also witnessing a positive trend,” WRAR president Christal Moura stated. “Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring.”
On average, homes sold for $806,279 in March which is 3.6 per cent above February when the homes were selling for $755,934, on average.
For detached homes, the average sales price was $954,342 which is up 7.3 per cent from a month earlier when that number came out to be $889,280.
“Home prices have been gradually increasing since December, which is a typical trend,” Moura said. “The rate and extent of further increases will depend on the willingness and patience of potential home buyers who have been waiting for lower interest rates before making their purchase. With the Bank of Canada not anticipated to make any rate changes before its June meeting, some potential home buyers may feel stuck in limbo.”
There were just over 1,000 homes put on the market in March which is 18.7 per cent higher than a year earlier but 15.9 per cent below the previous 10-year average.
There were 1,081 homes available at the end of March, which is 54 per cent above a year earlier. The realtors figure it would take 1.9 months to sell off that inventory at the current pace.
WRAR says that on average, homes were selling 19 days after they were listed in March, which is unchanged from 2023.
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