March ‘momentous’ for home sales
Posted Apr 5, 2017 05:58:13 AM.
This article is more than 5 years old.
The Kitchener-Waterloo Association of Realtors says March was a “momentous” month for home sales in our area.
Its latest report shows 729 properties were sold in the K-W area last month.
That’s over 24 per cent higher than during the same month last year and is the highest March on record.
Association President James Craig says, “This is the first time we’ve seen residential sales come anywhere close to the 700 unit mark so early in the year.”
As for the year to date figures, 1,532 homes were sold during the first quarter – 13.4 per cent higher than during the same quarter last year.
As for prices, the average home went for $493,226 last month, up 13.2 per cent compared to March 2016.
Once again, demand is well above the supply of available homes on the market.
Craig puts it into perspective, saying, “Due to extraordinary demand, the number of active residential listings still on the market at the end of March was well below normal with only 434 residential properties for sale, way below the previous 5-year March average of 1,508.”
