Number of Home Sales Slide in March
KITCHENER-WATERLOO, ON (April 3, 2019) –– There were 511 residential sales in March through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 5.7 per cent versus the same month last year, and down 7 per cent compared to the previous ten-year average for March.
“The activity on detached homes continues to be strong,” says Brian Santos, KWAR President. “But the average number of sales in March was brought down by fewer semi-detached, townhomes and condos. I think this can be credited to the lack of inventory and options buyers have in those segments of the market.”
Total residential sales in March included 325 detached (up 3.2 per cent), and 45 condominium apartments (down 11.8 per cent). Sales also included 116 townhouses (down 14.7 per cent) and 25 semi-detached homes (down 37.5 per cent).
The average sale price of all residential properties sold in March increased 3.4 per cent to $505,855 compared to March 2018. Detached homes sold for an average price of $585,668 an increase of 0.8 per cent compared to March of last year. During this same period, the average sale price for an apartment style condominium was $320,857 for an increase of 7.5 per cent. Townhomes and semis sold for an average of $372,003 (down 1 per cent) and $422,360 (up 6.4 per cent) respectively.
The median price of all residential properties sold last month increased 3.9 per cent to $474,900, and the median price of a detached home during the same period decreased by 0.8 per cent to $540,400
“Sale prices across Kitchener-Waterloo and area experienced increases in March,” says Santos. “While pundits are focussing on affordability challenges, this also reflects the greater attribute of livability and how Waterloo Region offers a great quality of life.”
REALTORS® listed 797 residential properties in K-W and area last month, a decrease of 4.8 per cent compared to March of 2018, and a decrease of 4.5% in comparison to the previous ten-year average for the month of March. On the other hand, the total number of homes available for sale in active status at the end of March totalled 819, an increase of 5.4 per cent compared to March of last year, but still well below the previous ten-year average of 1,371 listings for March.
Santos contends restrictions brought on by the B-20 mortgage stress test have pushed buyers into lower price points. “It’s difficult for buyers who are trying to find a house under the $500,000 mark – because demand is strongest in that range.”
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®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.
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