Residential property sales through the Multiple Listing System of the Kitchener-Waterloo Real Estate Board have continued to show strong growth through early 2016. This first quarter has produced a sales volume increase of 23.9% compared to 2015 and an overall increase of 17.8% above the five year average for first quarter sales.
Currently, the strongest sector of our local housing market are homes listed between $350,000 and $399,000. Last month saw a massive 78.2% increase in sales volume for this price range compared to 2015. The average sale price in March of all residential properties was $371,733 up 5.8% compared to the same time last year. The average single detached home sold for $428,495 in March 2016, an increase of 9.2% from 2015. Finally, sales volume is increasing for the upper end of the market as well. Properties listed between $500,000-$750,000 saw an increase in sales volume for March, up by 31.6% compared to 2015.
Have questions on what your home is worth? Month to month comparisons are helpful for establishing general market trends but do not provide an indication of individual property values. Contact us today to find out what your home is worth.