February Home Sales in Waterloo Region up almost 10% from last February, prices remain stable

WATERLOO REGION, ON (March 5, 2024) — In February, there were 485 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 9.7 per cent compared to the previous year and a decline of 19.0 per cent compared to the previous 10-year average for the month.  “Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” says Christal Moura, president of WRAR.      

Total residential sales in February included 281 detached (up 9.3 per cent from February 2023), and 110 townhouses (up 10.0 per cent). Sales also included 73 condominium units (up 30.4 per cent) and 24 semi-detached homes (down 14.3 per cent).  

In February, the average sale price for all residential properties in Waterloo Region was $755,934. This represents a 0.7 per cent decrease compared to February 2023 and a 0.7 per cent decrease compared to January 2024.  

• The average price of a detached home was $889,280. This represents a 0.5 per cent increase from February 2023 and a decrease of 2.2 per cent compared to January 2024.  
• The average sale price for a townhouse was $629,734. This represents a 2.2 per cent decrease from February 2023 and a decrease of 1.8 per cent compared to January 2024.  
• The average sale price for an apartment-style condominium was $459,455. This represents an increase of 0.2 per cent from February 2023 and an increase of 3.1 per cent compared to January 2024.  
• The average sale price for a semi was $673,638. This represents an increase of 1.0 per cent compared to February 2023 and an increase of 4.2 per cent compared to January 2024. 

Examining benchmark and average prices for various property types over the past twelve months reveals a stable housing market in Waterloo Region,” says Moura.  “With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run.”  

There were 800 new listings added to the MLS® System in Waterloo Region last month, an increase of 18.7 per cent compared to February last year and a 6.9 per cent decrease compared to the previous ten-year average for February.  

The total number of homes available for sale in active status at the end of February was 943 an increase of 38.9 per cent compared to February of last year and 2.9 per cent below the previous ten-year average of 971 listings for February. 

At the end of February, there were 1.7 months of inventory, a 54.5 percent increase compared to last year and 17.2 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.   

The average number of days to sell in February was 23, compared to 20 days in February 2023. The previous 5-year average is 16 days.   

These statistics provide a snapshot of the real estate market in the Waterloo Region in February, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.  

View our HPI tool here to learn more: https://wrar.ca/hpi/