The Kitchener-Waterloo real estate market continue to outperform expectations and set new records. What does this mean to you as a homeowner thinking of selling your home or a buyer considering a home purchase? Prices are stable or rising so if you are a homeowner your equity is safe or improving and if you are a buyer you can be confident that the value of your new home is safe and will grow over time.
Read below for excerpts from the Kitchener-Waterloo Association of Realtors March Press Release.
RECORD SETTING SALES IN MARCH
KITCHENER-WATERLOO, ON (April 5, 2016) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continued to climb month over month with 584 properties sold in Kitchener-Waterloo and area. This represents a 16.3% increase compared to the March of 2015, and ranks as the highest March on record since 2010.
During the first quarter of 2016, there were 1,350 home sales, 23.9% above last year’s total for the same period and 17.8% above the 5-year quarterly average and the highest quarter on record since 2010. On a monthly basis, home sales were 16.6% above the 5-year average for the month of March.
March’s sales included 383 single detached homes (up 11.2 %) and 110 condominium type units (up 26.4%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 38 Semi-detached homes (down 2.6%) and 42 freehold townhouses (up 50.0%). The average sale price of all residential sales increased 5.8% to $371,733 compared to March 2015. Single detached style homes sold for an average price of $428,495 an increase of 9.2% compared to last year. The average sale price for an apartment style condominium was $211,117, a decrease of 11.9%. Townhomes and semis sold for an average of $284,226 (up 9.7%) and $276,562 (up 0.6%) respectively.
Sales activity in the $350,000 – $399,999 range increased significantly in the month of March with 98 homes sold in that range, a 78.2% increase from the same time last year. Year-to-date residential sales in the $300,000-$399,999 remain most popular with 490 sales to date accounting for 36.3% of all residential sales. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range, which posted a 31.6% increase in units sold, compared to March 2015.
The KWAR cautions that average sale price information can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.
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