Last month’s home sales in Kitchener-Waterloo decreased 38.4 percent compared to March 2022.
“Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month…With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.”
M Bell, President of KWAR
March Sales Breakdown:
- 356 Detached Home Sales
- 126 Townhouse Sales
- 86 Condominium Sales
- 42 Semi-Detached Home Sales
The average sale price of all residential properties sold in March is down by 18.6% to $779,017 compared to March 2022.
Average Home Price:
- $910,152 Detached Homes
- $640,484 Townhomes
- $482,882 Apartment-Style Condominiums
- $700,208 Semis
It took an average of 19 days to sell a home in March, compared to 8 days in 2022. 716 homes were available for sale at the end of March, an increase of 17.2% compared to March of last year.
Market recap from the President of KWAR:
“This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon.
These and other shifting influences mean it has never been more important for buyers and sellers alike to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”
To learn more about the market and what this means for you, connect with Suzanne.