March 2018 Market Update: More snow, more activity


By Cindy-lou Schmidt

In March, the 540 residential properties sold through the MLS® of the Kitchener-Waterloo Association of REALTORS®, representing an increase of 43.6 per cent compared to last month and a decrease of 25.8 per cent compared to home sales a year ago.

What does this mean?  Our KW market is quarter less busy than we were last year in terms of sales year-over-year, but up over 40 percent when it comes to sales picking up from February.

Kitchener-Waterloo remains a Seller’s market with some wiggle room for buyers to include conditions in some cases. Overall though, many sellers are still receiving multiple offers.

March’s  residential sales units included:

310 detached (down 29.6 per cent)

136 condominium units (down 17.6 per cent) {includes semis, townhomes, apartment, detached etc.)

40 semi-detached homes (down 40.3 per cent)

52 freehold townhouses (up 8.3 per cent)

The average price of all residential properties sold last month decreased 0.7 per cent to $490,010 compared to March 2017. Accordingly:

Detached homes sold for an average price of $582,851 (down 0.1 per cent)

Average prices for an apartment style condominium was $298,361 (up 11.3 per cent)

Townhomes sold for an average of $375,702 (up 2 per cent)

Semis sold for an average of $396,932 (down 3.7 per cent)

Cindy-lou’s 2-Minute Summary:

The stress test may be a factor in softening the demand for higher priced properties as buyers readjust their buying power levels.  This may be part of the reason for the growth in condo apartment sales being the largest according to home style purchases.

Another factor to note is that although we are seeing 792 active listings last month, which is 80% more than last year, it’s still significantly less than the 10 year average of 1424 for March.

Sellers:

Don’t cut corners when presenting and selling your home;  if your home doesn’t show well, it definitely takes longer to sell than those that do. And an average of 19 days on market means that buyers are being more thoughtful in their purchases.

Buyers: 

A little more breathing room is allowing you to have conditions in some cases. However, pre-emptive and multiple offer situations are seeing many buyers go without a successful purchase. You must remain competitive in a  desirable and strong market that is low on listings.

 

If you’d like an accurate valuation of your home, contact us for a complimentary assessment. The condition of your home, location, and other key factors matter. For more on the official report on March’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

Think big,

Cindy-Lou Schmidt
Cindy-Lou Schmidt

Broker / Manager
 
 
Cindy-Lou is a dedicated Broker/Owner and REALTOR® based in Waterloo who is proud to serve her hometown and community. She is adamant in the value of home ownership both for the financial and wealth benefits, but also as a foundation of healthy communities. With 7 years in the real estate business, and as a private investor since 2005, her experience and strategic approach to homes sales has been pivotal in building loyalty with her clients over the years.

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