After a relatively quiet couple of months, new home listings piled onto the market in April, according to the Waterloo Region Association of Realtors.
They say that 1,443 homes were listed in April, which is 65.3 per cent above a quiet 2023 and 15.5 per cent over the previous 10-year-average.
At month’s end, there were 1,390 homes available for sale, which is 101.4 per cent over a year earlier and 13.6 per cent above the average of the last 10 years.
Despite the increase in options for buyers, WRAR says the price of buying a home in the area remained relatively stable as on average a home sold for $800,087, which is just a 0.3 per cent increase year-over-year and a 0.7 per cent decrease from March.
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For those looking for a fully detached home, the average cost came in at $938,478, which is up 1.4 per cent year-over-year but down 1.8 per cent from March.
While plenty of inventory hit the market in April, houses were moving, according to the realtors, who say that 692 properties changed hands, which is up 3.3 per cent from 2023 but down 12.3 per cent as opposed to the average from the previous five years.
“The real estate market appeared to be well-balanced last month,” said WRAR president Christal Moura.
“The market experienced a slight increase in home sales and moderate price fluctuations. Additionally, the number of homes for sale reached an eight-year high for the month of April, which translates to more available options for potential buyers.”
With all of the houses hitting the market, it should come as no surprise that there was plenty of inventory at the end of April.
The realtors say they had 2.5 month’s worth of inventory, which is 108.3 per cent over April 2023 and 38.1 per cent above the previous 10-year-average.
The inventory time is based upon how long it would take to sell off all of the listings at the current rate of sales.
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