April 2023 Kitchener-Waterloo Real Estate Market Update

Our Real Estate Market Update for April 2023

With buyer demand outpacing seller listings in many home types, we have seen a re-emergence of multiple offers. Once again, it is common for properties to sell without conditions. So, it is essential for buyers to be fully pre-approved for mortgage financing before they begin looking.

For Waterloo Region property owners who have been wondering if this is a good time to put their house on the market. The small increase in sale prices in March will create some further confidence and certainly. This is indicative of strong demand within the region. Prospective buyers remain quite particular about the properties they consider making offers on. So, it’s crucial for sellers to invest time in cleaning, decluttering, and ensuring the house is presented at its finest when entering the market. High-quality photography, professional staging, a robust online presence, and a well-considered pricing strategy continue to be essential factors in securing the highest possible value for your property.

In March, the number of detached home sales was 355 (a 40.0 % decrease from March 2022). The number of townhouse sales was 125 (a 30.2 % decrease from March 2022). 86 condo apartments sold in March (a 32.8 % decrease) and 42 semi-detached properties sold (a 53.3 % decrease).

Average prices are down compared with March of last year. It’s crucial to remember that for the past few months, comparisons to the same month last year do show sharp declines. Since early 2022 posted abnormally high selling prices. However, the sale prices of various housing types in the Waterloo Region have been quite steady since August/September 2022. The average residential price in March was up slightly compared to February 2023 (an increase of 2.1 %).

In Waterloo Region, in March 2023:

• The average sale price for a detached home was $906,783. A 17.7 % A decrease from March 2022 and a 2.5 % increase compared to February 2023.
• The average sale price for a townhome was $640,895. A 19.8 % decrease from March 2022 and a 0.5 % decrease compared to February 2023.
• The average sale price for an apartment-style condominium was $481,808, a 15.4 % decrease from March 2022 and a 5.1 % increase compared to February 2023.
• The average sale price for a semi-detached property was $700,208, an 18.2 % decrease from March 2022 and an increase of 4.9 % compared to February 2023.

All in all, we continue to see increasing confidence in the local real estate market.

If you require assistance in comprehending how this relates to your particular set of circumstances, please feel free to contact us! Engaging in conversations and guiding you through the market is something we genuinely enjoy!

Wishing you a delightful April!

Megan and Tracey