Kitchener-Waterloo Home Sales – A slower March to Spring

Kitchener-Waterloo Home Sales – A slower March to Spring

KITCHENER-WATERLOO, ON (April 3, 2014) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), were down 12 percent last month, compared to March 2013. There were 536 residential sales reported during the month of March, 23 percent more than in February.

Looking at the first quarter of 2014, there were a total of 1,293 residential sales, a decrease of 7.3 percent compared to last year’s 1,395 sales.

“As everyone knows, we’ve just come off of one of the harshest winters on record”, says Lynn Bebenek, president of the KWAR.  “Anecdotally speaking I’ve heard from several business operators who say they’ve experienced a slowdown this winter because of extreme cold and snow, and our residential real estate market was no different.” Bebenek adds, “On the bright side, everyone has buyers waiting and hopes are resting on a busy spring.”

Home sales in March 2014 included 347 detached homes (down 13 percent), 98 condominium units (down 4.9 percent), 44 semi-detached (down 24.1 percent), and 43 townhomes (on par).

The dollar volume of residential sales in the first quarter of 2014 came in at $423,915,584, a 5.9 percent decline compared to the same period last year.

Single detached homes sold through the KWAR’s MLS® System in March went for an average price of $368,896, virtually unchanged from the same month last year when the average price was $368,706.  On a year-to-date basis, the average price of a single detached home sold for $377,711, a 3.4 percent increase.

The average sale price of all residential sales also increased a negligible 0.1 percent to $322,833 last month compared to the same month last year.  On a year-to-date basis, the average price edged up a little higher to $327,854, representing a 1.6% increase over 2013.

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. 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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