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Market Updates

Kitchener – Waterloo real estate market recap: March 2018

By April 9, 2018No Comments

In March, there was a 43.6 percent increase compared to last month and a decrease of 25.8  percent compared to home sales a year ago

 

“Numbers are down year over year, but the market is showing signs of warming up after the long winter”

Tony Schmidt, President of KWAR

 

March Sales Breakdown:

  • 310 Detached Home Sales
  • 136 Condominium Sales
  • 40 Semi-Detached Home Sales
  • 52 Freehold Townhouse Sales

The average sale price of all residential properties sold in March decreased 0.7 percent to $490,010 compared to March 2017.

Average Home Price:

  • $582,851 Detached Homes
  • $298,361 Apartment Style Condominiums
  • $375,702 Townhomes
  • $396,932 Semis

The median price of all residential properties sold in March increased 1.3 percent to $457,000.

Market recap from Tony Schmidt, President of KWAR:

“I think the flatter price acceleration we’re seeing is due to softer demand for higher-priced properties. The new stress test may be having the impact of slowing down aspiring move-up buyers, as well as making it more difficult for entry-level purchasers.”

The average time it took to sell a home in March was 19 days, compared to 14 days in March 2017.

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Source: www.kwar.ca/march-home-sales-release

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