The local real estate market has remained extremely strong through the month of April, but has shown some signs of levelling off. While the stats still show a huge increase year over year, the numbers are fairly stable when viewed month to month. For example, the average residential home sold for $757,906 this April. While that represents a 34.3% increase over April 2020, it is actually a slight decrease from the March 2021 average of $765,393.
With 843 residential homes sold in the month of April, it was another active month for sales, compared to the previous 10-year average for April of 618. However, the average home took only 9 days to sell this April (compared to 21 days on the 10-year average), which indicates that demand is still very high and is still outpacing supply.
Last April’s numbers were uncharacteristically soft, due to the first COVID-19 lockdown bringing the world to a halt (ie – there were 263.4% more homes sold in April 2021 compared to the same month last year). However, despite spending most of this April in a similar lockdown, the market did not experience that same sort of pause. Whether that means we are all getting used to operating in a COVID environment or if it points more to the high and sustained desirability of Waterloo Region over this last year, the result is that housing is a hot commodity, lockdown or not.
Read the full report here, and contact us any time to discuss what the market is doing and when it’s best for you to buy or sell.