Regional real estate market sees drop in sales compared to last May

Buyer and listing activity in the region increased in May but it’s still at historically low numbers.

According to the Waterloo Region Association of Realtors, 788 homes were sold last month.

The results are a 10.9 per cent decrease compared to May of 2022.

The number of listings in the region last month also decreased by 32 percent from the previous year.

WRAR statistics show that the average sale price in the region was just over 820 thousand dollars, which is down 5.6 per cent from last year, but up 3.1 per cent compared to April 2023.

Megan Bell, the president of the Waterloo Region Association of Realtors, explained that the spring market is in full swing and there is optimism that momentum will carry into June.

“Waterloo Region properties remain in high demand, driven by our diverse economy and the desirability of our community, we continue to be in a seller’s market,” Bell remarked.

The WRAR data update also reported that there were 900 homes available for sale in active status at the end of May, a 24.9 per cent drop compared to last year at this time.