Drop in home sales in March, inventory hits nine-year high
Posted Apr 3, 2025 12:57:33 PM.
Last Updated Apr 3, 2025 04:06:05 PM.
It was a mixed picture for the local housing market in March.
The Cornerstone Association of Realtors says 459 homes were sold through its Multiple Listing System last month in Waterloo Region.
It represents a decline of 23.1 per cent from March of 2024 and a drop of 45.2 per cent compared to the 10-year average for March.
While sales were down, so were prices. Average residential property sales saw a year-over-year decrease of 4.4 per cent to an average of just under $772,000, although they were 0.5 per cent higher than February 2025.
Inventory levels, meanwhile, reached a nine-year high.
“March’s housing market shows a significant shift from last year’s dynamics, with sales activity cooling while inventory levels have reached their highest point for March since 2015,” Cornerstone spokesperson Christal Moura said in a release.
She added the increased inventory levels meant more options for buyers.
The March home sales included:
- 259 detached homes (down 24.7 per cent from March 2024)
- 98 townhouses (down 24.0 per cent from March 2024)
- 60 condominium units (down 29.4 per cent from March 2024)
- 40 semi-detached homes (up 8.1 per cent from March 2024)
More information on the Cornerstone Association of Realtors’ latest report can be found here.
