Record home sales in March
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.