The 725 residential homes sold through the Multiple Listing Service® System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in March 2022 is a decrease of 27.1 per cent compared to March 2021, which continues to hold the record for most home sales in a single month. On a month-over-month basis, sales in March were up 19.4 per cent compared to February 2022. The previous ten-year average number of residential sales for March is 599.
“The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February,” said Megan Bell, President of KWAR. “While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.”
Total residential sales in March included 416 detached (down 29.7 per cent from March 2021), and 114 condominium units (down 9.5 per cent). Sales also included 64 semi-detached homes (down 17.9 per cent) and 131 townhouses (down 33.8 per cent).
In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $960,181. This represents a 25.5 per cent increase over March 2021 and a 4.6 per cent decrease compared to February 2022.
· The average price of a detached home was $1,132,637. This represents a 25.9 per cent increase from March 2021 and a decrease 6.4 per cent compared to February 2022.
· The average sale price for an apartment-style condominium was $565,782. This represents an increase of 33.4 per cent from March 2021 and a decrease of 1.2 per cent compared to February 2022.
· The average sale price for a townhouse was $796,696. This represents a 27.4 per cent increase from March 2021 and a decrease of 7.6 per cent compared to February 2022.
· The average sale price for a semi was $876,371. This represents an increase of 34.5 per cent compared to March 2021 and a decrease of 5.0 per cent compared to February 2022.