March Madness and March Break make March one of the busiest months of the year and Kitchener Waterloo real estate is no exception. So was it March Madness or March Break for Kitchener Waterloo Realtors, home sellers and buyers? The answer lies somewhere in between. The month of March 2013 saw 433 MLS sales. This was a decline of nearly 11% over the March 2012 total of 485. Of the 433 sales, 33 were new or to be built homes while 400 were resales. Compared to March 2012, new home sales were up marginally while resales slid nearly 12%. On a national basis, the Canadian Real Estate Association reports sales dipped 15.3% year-over-year so Kitchener Waterloo fared relatively well.
So if sales are down, prices must be coming down too? No. The average sale price for March 2013 was $309,619 which represents an increase of over 3% versus March 2012. The reason prices aren't coming down is the supply of properties for sale. There are currently just 1376 properties for sale on the Kitchener Waterloo MLS. Of these, 330 are new homes or to be built while 1046 are resale or used homes. Taking into account March resales, there is less than a 3 month supply which leaves us solidly in a sellers market. For comparison, in September of last year, there were 1731 properties for sale on MLS.
The Kitchener Waterloo real estate market remains on solid ground. For sound advice on your real estate needs, feel free to call, text or email 519-505-4488 email@example.com.
Century 21 Home Realty Inc. Brokerage
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