KITCHENER-WATERLOO, ON (April 4, 2012) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), increased 8 percent in March compared to last year. There were 660 residential sales last month, 32.8 percent more than in February.
During the first quarter of 2012, there were a total of 1,502 residential sales, an increase of 1.1 percent compared to last year’s 1,480 sales.
“The Kitchener-Waterloo and regional area housing market continues to be solid,” says Sara Hill, President of KWAR. “Sales activity was higher than average for March, and while some of this might be attributable to the spring like weather, I think it really speaks to the confidence consumers have in our local economy and homeownership as a sound investment and lifestyle choice. “
Demand for detached homes was strong last month, with sales increasing 13.2 percent to 437 units. March’s residential sales also included 122 condominium units (up 3.4%), 56 semi-detached (down 8.2%) and 39 townhouses (down 2.5%).
The average sale price of all residential sales increased 3.9 percent to $310,631 compared with March 2011. Single detached homes sold for an average price of $355,273, an increase of 3.3 percent compared to last year. In the condominium market prices were down in March by 2.4%, with the average condo unit selling for $201,081. However, on a year-to-date basis the average price of a condo increased 3.8 percent to $206,586.
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®.