By Cindy-lou Schmidt
A highly competitive market, particularly under the $500,000 price range appears to have had an impact on those buying semi-detached, townhomes and condos which were all down in sold numbers.
In March, we saw the number of homes sold slide with 511 residential sales. There was a 5.7% decrease compared to March 2018 and a 7% decrease compared to the the previous ten-year average for March.
Condos and townhomes are down 11-15%, while semi-detached homes took a big hit with a 37.5% drop in sales.
However, those with larger budgets have continued to push the sold prices up on single detached properties with a 3.2% increase.
Cindy-lou’s Simplified Market Update
NUMBER OF SALES: March 2019 compared to March 2018
- 325 detached homes were sold in March (up 3.2% )
- 45 condominium units (down 11.8% which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.)
- 116 freehold townhouses (down 14.7%).
- 25 semi-detached homes (down 37.5%)
AVERAGE SALES PRICE SUMMARY: March 2019 compared to March 2018
The average sale price of all residential properties sold increased 3.4% to $505,855.
Broken down by style of home:
- Detached homes sold for an average price of $585,668 (up 0.8%)
- Apartment style condominiums increased by $320,857 (up 7.5 per cent).
- Townhomes sold for an average of $372,003 (down 1.0%)
- Semis sold for an average of $422,360 (up 6.4%)
HOMES LISTED ON MARKET: March 2019 compared to March 2018
Realtors listed 797 residential properties in K-W and area last month, a 4.8% decrease
- 4.5% decrease compared to the previous ten-year average of 1296 listings for March
- Total number of homes available for sale in active status at the end of March totalled 819, an increase of 5.4 %, but still well below the previous ten-year average of 1,371 listings for March.
Sellers: Demand for homes is keeping the price rising but at much more reasonable rates of growth. Don’t get complacent – clean, stage, repair, choose the right REALTOR® to partner with.
This is the third month in which home prices are rising between the traditional or “normal” 3-5% rate of price growth for Waterloo Region.
Buyers: Waterloo Region remains a desirable place to live! Be an active and purposeful buyer on homes you are genuinely interested in especially if you’re looking for a home or investment under $500,000.
I hope you enjoyed my Simplified Market Update! I strive to keep you informed and empowered so you can make smart real estate decisions that will benefit you for years to come.
Full Official Full KWAR Media Release here.