Record home sales in March

The Woolwich Observer - - NEWS -

The tor­rid real es­tate mar­ket was on dis­play lo­cally, as the Kitch­en­erWater­loo As­so­ci­a­tion of Real­tors had a record month in March. Some 729 prop­er­ties sold in the area, a 24.2 per cent in­crease com­pared to the same month last year.

Dur­ing the first quar­ter of 2017, there were 1,532 home sales, 13.4 per cent above last year’s re­sult for the same pe­riod and 30 per cent above the pre­vi­ous five-year quar­terly av­er­age, the group re­ports. On a monthly ba­sis, home sales were 41 per cent above the pre­vi­ous five-year av­er­age for the month of March.

Res­i­den­tial sales in March in­cluded 444 de­tached homes (up 15.0 per cent com­pared to March 2016), 164 con­do­minium units (up 49.1 per cent), 67 semi-de­tached homes (up 76.3 per cent) and 48 free­hold town­houses (up 14.3 per cent).

The av­er­age sale price of all res­i­den­tial sales in­creased 32.3 per­cent to $493,226 com­pared to March 2016. De­tached homes sold for an av­er­age price of $583,144, an in­crease of 35.6 per cent, while the av­er­age sale price for an apart­ment-style con­do­minium was $265,524, an in­crease of 25.4 per cent. Town­homes and semis sold for an av­er­age of $368,554 (up 29.9 per cent) and $412,226 (up 49.1 per cent) re­spec­tively.

The av­er­age days on mar­ket in March were sig­nif­i­cantly shorter than a year ago: 14 days, com­pared to 35 days.

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