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Market Updates

Kitchener – Waterloo real estate market recap: March 2020

By April 5, 2020No Comments

In March, home sales in Kitchener-Waterloo were up 13.1% compared to March 2019.

 

“We had a very strong start to the month which carried through right up until the province declared its COVID-19 related state of emergency on March 17th…Before the pandemic hit our region, I believe we were on pace to set a record number of sales for March with the continuance of high demand, low inventory, and a strong seller’s market.”

Colleen Koehler, President of KWAR

 

 

March Sales Breakdown:

  • 348 Detached Home Sales
  • 68 Condominium Sales
  • 136 Freehold Townhouse Sales
  • 25 Semi-Detached Home Sales

The average sale price of all residential properties sold in March increased by 15.3% to $583,752 compared to March 2020.

Average Home Price:

  • $679,728 Detached Homes
  • $378,443 Apartment-Style Condominiums
  • $457,547 Townhomes
  • $492,752 Semis

The median price of all residential properties sold in March increased by 14.6% to $544,500.

It took an average of 15 days to sell a home in March, compared to 21 days in March 2019.

Market recap from Colleen Koehler, President of KWAR:

“Of course, what is on everyone’s mind is the Coronavirus, and how this global pandemic is impacting every facet of our lives. The Ontario government included real estate services, legal and land registry as an essential service, but by no means is this business as usual for Realtors or their clients…As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown. Not everyone is in the position to postpone the purchase or sale of their home, and Realtors are adapting the technology we already use to serve our clients in this new environment and rigidly following Health Canada’s guidelines.”

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

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/home-sales-march-2020/

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