Waterloo Region Home Prices Inch Up in March 2023, Despite Low Sales Volume
- April 12, 2023
- 05:25 pm
Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set another low last month, with 611 homes sold in March.This represents a decrease of 38.4% compared to March 2022 and 33.6% below the previous 5-year average for the month.
– Total residential sales in March included 356 detached, 126 townhouses, 86 condominium units, and 42 semi-detached homes.
– The average sale price for all residential properties in Waterloo Region was $779,017 in March, which is a 18.6% decrease compared to March 2022 and a 2.4% increase compared to February 2023.
– The average price of a detached home was $910,152, which is a 17.4% decrease from March 2022 and an increase of 2.9% compared to February 2023.
– The average sale price for a townhouse was $640,484, which is a 19.9% decrease from March 2022 and a decrease of 0.6% compared to February 2023.
– The average sale price for an apartment-style condominium was $482,882, which is a decrease of 15.2% from March 2022 and an increase of 5.3% compared to February 2023.
– The average sale price for a semi-detached home was $700,208, which is a decrease of 18.2% compared to March 2022 and an increase of 4.9% compared to February 2023.
Despite low sales activity, sale prices have increased modestly month over month, and with borrowing costs stabilizing and lenders offering more appealing rates, more buyers may enter the market this spring, pushing home prices up slightly.
Kitchener
Single Family
Median Sales Price : $834,000
Percentage Increased
from March 2022 : -14.5%
NO. of new listings : 218
Median Days on Market : 8
Nos. of Sales : 163
Semi-detached
Median Sales Price : $655,500
Percentage Increased
from March 2022 : -22.9%
NO. of new listings : 15
Median Days on Market : 6
Nos. of Sales : 14
Townhouse
Median Sales Price :$640,000
Percentage Increased
from March 2022 :-18.50%
NO. of new listings : 87
Median Days on Market : 9
Nos. of Sales : 67
Condo
Median Sales Price :$420,000
Percentage Increased
from March 2022 : -25.30%
NO. of new listings : 70
Median Days on Market : 21
Nos. of Sales : 35
WATERLOO
Single Family
Median Sales Price : $834,500
Percentage Increased
from March 2022 : -16.60%
NO. of new listings : 489
Median Days on Market : 8
Nos. of Sales : 356
Semi-detached
Median Sales Price : $653,750
Percentage Increased
from March 2022 : -21.80%
NO. of new listings : 44
Median Days on Market : 8
Nos. of Sales : 42
Townhouse
Median Sales Price : $642,450
Percentage Increased
from March 2022 : -19.00%
NO. of new listings : 171
Median Days on Market : 10
Nos. of Sales : 126
Condo
Median Sales Price : $459,950
Percentage Increased
from March 2022 : -17.90%
NO. of new listings : 149
Median Days on Market : 18
Nos. of Sales : 86
CAMBRIDGE
Single Family
Median Sales Price : $772,000
Percentage Increased
from March 2022 : -18.80%
NO. of new listings : 118
Median Days on Market : 8
Nos. of Sales 91
Semi-detached
Median Sales Price : 652,500
Percentage Increased
from March 2022 : -18.40%
NO. of new listings : 12
Median Days on Market : 11
Nos. of Sales : 15
Townhouse
Median Sales Price :$680,000
Percentage Increased
from March 2022 : -15.80%
NO. of new listings : 39
Median Days on Market : 11
Nos. of Sales : 26
Condo
Median Sales Price :$500,000
Percentage Increased
from March 2022 : -10.10%
NO. of new listings : 21
Median Days on Market : 15
Nos. of Sales : 23
GUELPH
Single Family
Median Sales Price : $519,000
Percentage Increased
from March 2022 : -21.80%
NO. of new listings : 132
Median Days on Market : 9
Nos. of Sales : 81
Semi-detached
Median Sales Price : $799,900
Percentage Increased
from March 2022 : -5.90%
NO. of new listings : 14
Median Days on Market : 8
Nos. of Sales : 11
Townhouse
Median Sales Price : $682,500
Percentage Increased
from March 2022 : -19.50%
NO. of new listings : 56
Median Days on Market : 15
Nos. of Sales : 50
Condo
Median Sales Price : $519,000
Percentage Increased
from March 2022 : -21.80%
NO. of new listings : 49
Median Days on Market : 20
Nos. of Sales : 44
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