Kitchener-Waterloo real estate sales March 2018 – region remains an attractive market for sellers, and a competitive market for buyers.
Looking at the numbers of Ontario Real Estate Association March 2018 report, you can think that the real estate market can may be stagnating in Ontario as a whole. But not in Kitchener-Waterloo. Region with half a million residents holds home prices steady after the past two years when the market was hot. Housing prices continue to rise even though the number of sales has slowed compared to March 2017. We still can see homes often sold over the asking price, and it takes some number of days, not weeks to have a house sold.
Across Kitchener-Waterloo, there were a total of 484 homes sold in March of 2018, with an average sale price of $480,880, and an average price per square foot of $323. The overall average number of days required to sell was 19. What keeps KW home prices aloft? According to Kitchener-Waterloo Association of Realtors (KWAR), most likely, it’s a combination of still low mortgage rates, and number of people who are moving to KW. “Our growing technology sector and healthy post-secondary institutions have fostered a strong local job market and low unemployment rate”.
We can make two statements about KW real estate data in March 2018: sales are down from March 2017, but intensely up from February 2018. Another important note – “the number of houses available to buy are quite low compared with the demand. In March, 792 homes were available for sale, compared with a 10-year average of 1,424 per month”. With fewer homes on the market and with rising demand for properties, multiple offers is a likely scenario. Kitchener-Waterloo remains an attractive market for sellers, and a competitive market for buyers.
The KWAR cautions that average sale price information can be useful to overview trends within the region. It should not be used as an indicator that specific properties have increased or decreased in value.
If you are a buyer or seller and require specific information on property values, we invite you to contact us. We know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.
We, realtors, have our fingers on the pulse of the market.