market snapshot – april 2023

Demand remains strong as home prices increase month-over-month.

This past month of April turned up the heat in the real estate market, while our actual weather had us scratching our heads and ducking from cover from all the rain.

On a national level, home sales rose 1.4% month-over-month according the Canadian Real Estate Association (CREA).  And on a more granular level in the region of Waterloo as a whole added 869 new listings to MLS Systems, of which Cambridge represented 229 of those properties.  In total, 670 homes were sold in the Waterloo Region and 175 of those were in Cambridge.

From a month-over-month perspective the statistics are trending upward in a positive direction, but looking year-over-year we are still not were our numbers were last year in 2022, nor are the numbers reflective of the five year average. We should be seeing on average the number of new listings for single family freehold detached homes be around 213 but we are down 21% this past April, and the five year sales average is 138, but in Cambridge in April we only had 111 single family freehold detached homes sold, representing a 24% decrease.  Month-over-month we saw a 17% increase in the number of new listings and 23% growth in the number of sales for single family detached homes in Cambridge.

“As the spring market heats up and it looks as though some buyers are coming off the sidelines, it’s important to remember that the intense market conditions of recent years have not gone anywhere, they’ve just been on pause”. Jill Oudil, Chair of CREA

In our region of Waterloo for all property types was $797,716, and specifically in Cambridge $771,965.  If we look at the different property types in Cambridge you can see that the missing middle as our industry labels it, so those single family freehold attached homes (semis and towns) are the one property type we are seeing sale prices over asking.

• Freehold attached homes in April were listed on average at $644,389, and sold for $712,059, that’s 10% over asking and it only took over average 25 days to sell
• Freehold detached homes were listing on average around $877,688 and sold 3% less then asking, around $851,699 and took 20 to sell on average
• Condos were listed on average in April at $603,256 and sold less then asking for $555,295 and took roughly 38 days to sell

 

The surge in activity though expected for this time of year, this upwards pressure on the house prices is largely due to the demand for homes outpacing the supply of new listings coming on the market which has pushed current months of inventory of homes to just one month, which is an unhealthy and unbalanced number.  If we don’t see new homes hit the market and sell, I expect the housing market to remain competitive in the month ahead.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form below and we can chat more over coffee. And be sure to follow me on Facebook or Instagram for all the behind the scene and up to the minute news.