Last month’s home sales in Kitchener-Waterloo represented a decrease of 27.1 percent compared to March 2021, which continues to hold the record for most home sales in a single month. Compared to last month, the sales in March saw an increase of 19.4 percent.
“The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February…While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.”
M Bell, President of KWAR
March Sales Breakdown:
- 416 Detached Home Sales
- 114 Condominium Sales
- 64 Semi-Detached Home Sales
- 131 Townhouse Sales
The average sale price of all residential properties sold in March is up by 25.5% to $960,181 compared to March 2021.
Average Home Price:
- $1,132,637 Detached Homes
- $565,782 Apartment-Style Condominiums
- $796,696 Townhomes
- $876,371 Semis
It took an average of 8 days to sell a home in March, the same as March 2021. 441 homes were available for sale at the end of March, an increase of 1.1% compared to March of last year.
Market recap from the President of KWAR:
“Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types.
As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
