Courtesy of Melodie Mensch

Demand Remains Strong as Home Prices Increase Month-Over-Month

$488,971 apartment DOWN 18.3% year-to-year

$925,219 detached DOWN 10.7% year-to-year

$664,519 townhouse DOWN 12.7% year-to-year

AVERAGE SALE PRICES

670 SOLD LISTINGS 869 NEW LISTINGS

detached 404

95 apartment

77.1% SALES TO NEW LISTING RATIO

16 DAYS ON MARKET

1.3 MONTHS OF INVENTORY

Waterloo, May 2023 – Sales volume through the Multiple Listing Service ® (MLS ® ) System of the Waterloo Region Association of REALTORS ® (WRAR) remained subdued last month, with 670 homes sold in April, representing a decrease of 22.0 per cent compared to April 2022. “The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year,” says Megan Bell, president of WRAR. “However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.” Total residential sales in April included 404 detached, 119 townhouses, 95 condominium and 51 semi-detached homes. In April, the average sale price for all residential properties in Waterloo Region was $797,716. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.

“Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily,” says Bell. “Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.” There were 869 new listings added to the MLS ® System in Waterloo Region last month. The total number of homes available for sale in active status at the end of April was 703. The average number of days to sell in April was 16. Statistics reflect market activity in April 2023 | Waterloo Region Association of REALTORS ® Market values stated are of the average of the Waterloo area. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

MAKING ARTWORK STAND OUT Hanging artwork, family photos and images of other special memories can help a homeowner make their living spaces positive, joyful environments. Most times, items are hung on the wall above furniture or in a grouping on an empty wall space with the center of the piece (or grouping) about 60” above the floor to provide an optimal viewing experience. To make the photos or artwork stand out more, designers suggest creating a gallery like wall that draws even more attention to the frames. Wooden trim can be used to make a frame which surrounds a grouping of photos. This is effective in a long hallway or wall. Another option is painting the section of wall behind the artwork a different colour and then arranging the pieces over the painted section. This works great in smaller areas like over a desk, in corners or on narrow walls. Be creative and place frames so they overlap the outside edge of the painted area and add other wall décor like mirrors and baskets to complete the look. The options are vast when creating a statement gallery wall and there are many suggestions and samples available on design websites.

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