Home Sales Set Record here in Kitchener Waterloo for March 2016!

It was another Fantastic Month for Home Sales here in Waterloo Region with 584 properties sold in the Kitchener Waterloo area.

This represents a 16.3% increase compared to the March of 2015, and ranks as the highest March on record since 2010. That is just incredible.

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.  The mild weather has brought the buyers out in droves and the spring market is well underway!

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. Yes I said 78.2%!! That is clearly evident with all the multiple offers that we have been involved in over the past month.

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

All in all, Kitchener Waterloo is still showing that we have a vibrant economy and  home values are continuing to show strength.

If you have any questions on the information above or are interested in buying or selling in the coming months feel free to give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca

I am happy to help.

Have a wonderful April!

Kevin