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Waterloo Chronicle | Thursday, April 13, 2023 | 4 waterloochronicle.ca YOUR WINDOW AND DOOR SPECIALISTS. ay DEWAR TB BUSINESS Graeme Frisque/Metroland The local real estate market isn't anything like it was last year but is starting to rebound. BUYERS SET TO RETURN AS MARKET ADJUSTS: WRAR PRESIDENT AVERAGE PRICE FOR A DETACHED HOME UP 2.4% IN MARCH Sales through the Wa- erloo Region Association be Realtors set another low last month, with 611 homes sold in March —a decrease of 38.4 per cent compared to March 2022, and 33.6 per it below the previous ae: °-yoar average for the rao rording to the associ- ation's monthly market re- port, released Wednesday, Apri average sale price for all residential properties in Waterloo Re- gion was $779,017 — an 18.6 per cent decrease com- pared to March 2022, but a 2.4 per cent increase com- pared to February 2023. in a recent interview, the association's president Megan Bell noted the local, residential real estate mar- ket has stayed on a fairly even trajectory since last fall after the fall-off: experi- Buyers who were e wait: ing on the sidelines are staring to come back with better interest rates and products starting to adjust, Bell says. "With borrowing costs stabilizing and lenders pro- think we more buyers coming off the sidelines this spring, add- ing demand to our already popular Waterloo Region and pushing home prices up slightly,” said Bell. erage price of a detached home in March was $910,152 — a 17.4 per cent decrease from Mar 2022, but an increase of 2.9 per cent compared to Feb- ruary 2 Average prices for semi- detached homes ($700,208) or apartment-style condos ($482,882) also saw modest increases of about five per cent o over last month. average sale price forat a townhouse dropped to $640,484 —a six per cent de- crease compared to Febru- "This is a peculiar mar- ket,” said Bell, noting that ies surrounding hous- been some homes starting to fetch multiple offers with conditions again, market values, which she says bodes well for buyers and their confidence in the market. "I think last year our average was seven days on the market. Right now, we're trending about 20 to 23. So just understand that even if it's taking a little bit longer to get that offer that they do come, it's just back ventories at the current sales rate). “If you're buying first then selling, just make sure you keep an eye (on) and talk to your realtor were in about what play prior tothe pandemic. in the market," Bell said. There were 859 new list- "If we start to see quite a ings added to the MLS sys- eee you might want to tem in Waterloo Region in on gs a little bit March, a decrease of 44.1 are fan waiting for ev- per cent compared to March of last year. Bell said there have erybody to come in and that way it might reduce your number of days.”