In Like a Lion, Out Like a Lamb — Prices continued to rise during the month of March 2020 and townhomes took the lead in two stats, while the days on market dropped drastically since March 2019.
Watch the Simplified Market Update April 2020 for Kitchener-Waterloo and read through below for more statistics, trends and observations of where we stand in our KW real estate market.
NUMBER OF SALES
- 577 homes sold total in KWAR (up 13.1% and down 0.2% below the previous 5-year average
- First quarter of the year: 1327 homes sold (up 14.6% and 4% above the previous 5-year average).
- 348 detached homes (up 7.1%)
- 68 condominium apartments (up 5.1%)
- 136 freehold townhouses (up 17.2%).
- 325 semi-detached homes (up 4.2%)
AVERAGE SALES PRICE
- The average sale price of all residential properties up 15.3% to $583,752
- Detached homes up 15.9% to $679,728
- Townhomes up 23% to $457,547
- Semi-detached homes up 17.4% to $492,752
- increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.
- REALTORS® listed a higher than average number of homes during the Month of March.
- There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015.
- The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.
HOMES WITH ACTIVE STATUS AVAILALBLE FOR SALE
- The total number of homes available for sale in active status at the end of March was 535, down 35.9% compared to March of last year.
COVID -19 EFFCTS
- 51 listings were suspended on KWAR’s MLS® System, which means the listing is temporarily “off-market,” and there can be no marketing showings or offers during this period.
- Higher than normal levels of new inventory but restrictions on viewings due to the quarantine have affected activity
AVERAGE DAYS ON MARKET
- 15 days, compared to 21 days in March 2019.
- I expect that activity will rise and return when we are out of quarantine
- Other markets have led a return to the economy via real estate
- Many buyers and sellers are simply on a pause to flatten the curve and abide by quarantine and safety measures
- Buyers and Sellers may find their household and family needs more apparent as we continue in quarantine
- If you are selling and buying your home right now, opt for a virtual viewing when possible