Despite unseasonably cool weather, Kitchener Waterloo real estate marched on this past month with 433 residential homes sold through MLS. Of these, 24 were new or to be built and 408 were resale homes. This marks an increase of 8.5% year-over-year with much of that owing to resales.
The average sale price for March came in at a lofty $337,650. This represents nearly a 9% increase year-over-year. This substantial increase indicates that move-up buyers were active in the local market.
Sellers, received, on average, 98.3% of their asking price. Regular readers of this Kitchener Waterloo real estate blog will remember anything over 98% of the asking price represents a strong sellers market.
So where do we go from here? Unbelievably low mortgage rates have spurred demand and I anticipate April will be the busiest month of the year for Kitchener Waterloo home buyers and sellers. Active homes for sale in Kitchener Waterloo total just 1010 which represents less than a 3 month supply of properties for sale. In short, the sellers market will continue as buyers compete for scarce resale properties.
Buying and selling real estate in 2015 is more complex than ever. If you'd like an experienced Realtor on your side, feel free to call, text or email 519-505-4488 firstname.lastname@example.org.