New numbers are rolling in, reflecting on home sales in the region as the calendar turned to Spring.
Cornerstone Waterloo Region has released its monthly housing data for the month of March, showing a rise in home sales throughout Waterloo Region, with the sole outlier being the City of Cambridge.
“Waterloo Region’s market is gaining momentum with significant sales growth and robust new listing activity,” said Bill Duce, Cornerstone CEO. “The Kitchener-Waterloo benchmark price experienced a modest month-over-month Home Price Index (HPI) gain, while the Cambridge benchmark price saw a slight decline.”
According to the figures, home sales in Waterloo Region were up close to 40 per cent month-over-month compared with February, alongside an overall rise in listed properties, which jumped by close to 45 per cent.
Year-over-year, home sales across the region also saw gains, climbing by 5.4 per cent.
“This reflects the continued stability of prices in the region over the past few months,” Duce said. “Combined with more constrained inventory levels than in many other areas, working with a local realtor who understands Waterloo Region’s market nuances and can navigate the varied conditions effectively is paramount.”
Comparatively, though, Cambridge saw some slight declines, with year-over-year home sales dipping close to 14 per cent.
Even though new listings have been on the rise, Cornerstone’s figures shows that the overall supply of inventory across the region dipped by just under 12 per cent year-over-year, while the average number of days a property would sit on the market climbed 11 per cent.
The median sales price of a home in the region also dropped by 4.4 per cent, currently sitting at approximately $733,258.
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