Waterloo Region Record

Average house price in Waterloo Region back above $800,000

Spring market in full swing, realtors’ association says

BRENT DAVIS

House prices in Waterloo Region continue to rise month-to-month, as more buyers return to a market with relatively few listings.

The average sale price for all residential properties climbed back above the $800,000 mark in May, to $821,828, according to new statistics from the Waterloo Region Association of Realtors.

That’s an increase of 3.1 per cent over April’s results, but 5.6 per cent lower than May 2022.

The average price for a detached home was $964,130, up 4.2 per cent month-to-month, but down 2.8 per cent from May 2022.

Local realtors sold 788 homes through the association’s Multiple Listing Service system last month, down 10.9 per cent compared to May 2022, and 12.6 per cent below the previous five-year average for the month.

Still, it’s an improvement on the 671 sales completed in April.

“The spring market is in full swing with robust buyer and listing activity observed in May,” association president Megan Bell said in a release.

“It’s encouraging to witness a significant uptick in listing activity

compared to April, and we remain optimistic that this positive momentum will carry into June. However, it’s worth noting that the number of listings being added to the MLS System continues to be historically low.”

A total of 1,264 new listings were added last month, compared to 869 in April.

But the May total is still 32.6 per cent lower year-over-year, and represented an 11.8 per cent decrease compared to the previous 10-year May average.

There were 900 homes available for sale at the end of May — again, higher than the 703 homes available at the end of April, but nearly 25 per cent below last year’s figure, and a considerable 41 per cent below the previous 10-year average of 1,524 homes.

It took an average of 15 days to sell a home last month, in line with the five-year average but a bit longer than the 11 days seen in May 2022.

Bell said the region remains a seller’s market right now.

“With limited inventory and a relatively low number of new listings being added to the MLS system, buyers face intensified competition while sellers receive increasingly competitive offers.”

FRONT PAGE

en-ca

2023-06-05T07:00:00.0000000Z

2023-06-05T07:00:00.0000000Z

https://waterloorecord.pressreader.com/article/281616719760150

Toronto Star Newspapers Limited