Kitchener-Waterloo Realtors Post Best Month in 6 Months

KITCHENER – For Realtors of the Kitchener-Waterloo Real Estate Board (KWREB), March marked their busiest month in half a year. Not since September of 2008 have sales reported through the KWREB’s MLS® exceeded 450 units.

A total of 497 residential properties were sold in March through the KWREB, representing a 34.7 percent increase over the 369 properties sold in February. This is the third consecutive month that the KWREB has recorded an increase in sales from the previous month.

“March was a good warm-up to what we hope will be a very active spring market, “says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. “Canadians have long been believers in homeownership and now more than ever people are realizing that it is a very good investment. In our market particularly, I think you can very easily make that case.”

Residential properties in Kitchener-Waterloo sold for an average price of $252,778 last month, which is a slight 0.1 percent increase over March 2008. The median residential sale price (the midpoint between the most expensive and least expensive house) declined a negligible 0.6 percent to $240,500 in March on a year-over-year basis.

Shartun says that. “Despite the struggling economy, there is no reason for those in a strong position to sell or buy a home, to stay on the sidelines. Even with today’s slower market, if you’ve owned your home for more than a few years, you’ve likely realized a very good gain.”

It is first-time home buyers who seem to be moving the March sales figures, explains Shartun. Homes selling in the $225,000 to $250,000 range made up 18 percent of the total market activity in March, a 3.6 percent increase in the proportion of sales occurring in that segment compared to the same period last year.

While Shartun believes that now is a good time for qualified buyers to enter the market, it’s not because of any big bargains to be had. “Prices in Kitchener-Waterloo are holding their own, but buyers can benefit from a very good selection of properties on the MLS® and mortgage rates that are at historically low levels.”

Other highlights from the March 2009 MLS® Report include:

* The number of new MLS® listings processed (2,549) is on par with last year, during the first quarter of 2009.
* The number of active MLS® residential listings available through the KWREB as of the end March: 2,186
* The average sale price of a Detached home sold through the KWREB on a year-to-date basis: $283,098
* The average sale price of a condominium unit sold through the KWREB on a year-to date basis: $164,914
* During the first quarter the average residential sales price through the KWREB decreased 3.4 percent on a year-over-year basis, to $249,774 in Kitchener-Waterloo.
* During the first quarter the KWREB recorded 1,120 residential sales including 740 Single-Detached, and 182 condo units.
* In February the Kitchener-Waterloo average price declined by less than the provincial and national average on a year-over-year basis.

Release with year to year charts and graphs