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. As this update covers the latest activity in the market, it highlights that 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.
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). To further explain recent changes, we have compiled this update about the market and the changing trends in the Waterloo Region over the past year.
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. Here is a brief update for the market: 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. To put it simply, this update of the market reflects ongoing adjustments in home prices and sales.
If you require assistance in comprehending how this relates to your particular set of circumstances, please feel free to contact us! We’re always happy to discuss and walk you through any questions about a market update process.
Wishing you a delightful April!
Megan and Tracey