KITCHENER-WATERLOO, ON (April 4, 2013) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were in keeping with the 10-year historical average for the first quarter.
“Home sales have been affected by tightened mortgage rules,” says Dietmar Sommerfeld, President of KWAR. “First time buyers are most impacted but at the same time low interest rates should help foster a healthy upcoming spring market.”
Home sales in the month of March totalled 607 units, 9.4 percent lower than the same month a year ago and 1.5 percent below the 5-year average. March’s sales included 393 single detached homes (down 12.1 %), 107 condominium units (down 12.3 %), 58 semi-detached (up 5.5) and 43 freehold townhouses (up 7.5%).
While sales were down last month compared to the same period a year ago home sales have increased month over month since January of this year and the average sale price of all residential sales increased 2.9 percent to $320,229 compared with March 2012. Single detached homes sold for an average price of $367,714 an increase of 3.4 percent compared to last year. In the condominium market prices were up 3.6%, with the average condo unit selling for $206,298.
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®.