How’s The Market? Kitchener Waterloo Real Estate Board Statistics for March 2013
How’s The Market? Kitchener Waterloo Real Estate Board Statistics for March 2013
By Warren McNeil
How’s the market? We get asked that question all of the time. The answer: It all depends. It is different if you are looking to buy, sell or invest. Knowing the market information is key to knowing when the best time to buy, sell and invest.
The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of March 2013 and compares it with the same months in the previous year. This information is for Single Detached All Areas.
Kitchener Waterloo Real Estate Board Statistics for March 2013
Single Family Detached Homes in All Areas
March 2013
| WATERLOO REGION (ALL Areas, Single-Detached) | March 2013 | March 2012 | %CHANGE 12/13 | February 2013 | %CHANGE Feb 13/Mar 13 | %Change 12/13 |
| UNITS SOLD | 397 SOLD | 447 SOLD | -11.2% | 301 | 31.9% | -6.8% |
| AVERAGE PRICE SOLD |
$367,824
|
$355,628
|
+3.4% |
$368,727
|
-0.2% | +2.5% |
| AVERAGE DAYS ON MARKET (Resale Homes) | 48 DAYS | 44 DAYS | +9.1% | 51 | -5.9% | +4.1% |
| MEDIAN SALE PRICE | $336,000 | $328,000 | +2.4% | $327,000 | +2.8% | +2.4% |
| LIST TO SALE PRICE RATIO | 98% | 98.2% | -0.2% | 97.7% | +0.4% | -0.2% |
The above information is believed to be correct errors and omissions accepted
TOTAL RESIDENTIAL (Year-To-Date – March 2013)
Total unit sales year to date for all single family detached and single family-all other (Semis, freehold towns etc)
| YTD 2013 | YTD 2012 | %Change |
| 938 SOLD | 1006 SOLD | -6.8% |
The average price YTD (March 2013) is $364,727 vs $355,984(2012)
The above information is believed to be correct errors and omissions accepted
My personal observation this month is that there doesn’t seem to be enough inventory for the buyers. There seems to be a lot of pent up demand and I think it has to do with the colder temperatures. As things warm up and we shift into high gear I think it will become a busy spring market. We just need to see more listings!!
What is Median Sale Price? (Reference Wikipedia)
The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes.
If we take 7 houses that were sold and sort their prices from lowest to highest in 1000s of Canadian Dollars.
225, 250, 275, 280, 300, 330, 350
Median price is 280, because it is right in the middle of the range – there are 3 prices that are lower and 3 prices that are higher.
How median price is different from average price?
To calculate average price we have to sum all of the prices and then divide by the number of units sold, therefore
Average price = (225 + 250 + 275+ 280 + 300 + 330 + 350) / 7 = approximately 287
What median price shows?
It shows who rules the market in a certain place (suburb or area) at certain time (i.e. 3 or 6 months or a year): if there are more people buying expensive houses than cheap ones, it will go up, but if there are more people buying cheap property than expensive – it will go down.
Kitchener Waterloo Real Estate Statistics March 2013
Thanks for reading!
| Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118 |
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Kitchener-Waterloo Real Estate — Tags: Kitchener board stats, kitchener real estate, kitchener real estate statistics, kitchener waterloo active listings, kitchener waterloo average days on market, Kitchener Waterloo home sellers, kitchener waterloo real estate board, Kitchener Waterloo real estate statistics, kitchener waterloo unit sales, Kitchener-Waterloo Real Estate, kitchener-waterloo real estate agent, KW Real Estate, KW Real Estate Board Statistics, kwreb board statistics, month of march, Waterloo Real Estate, waterloo real estate statistics, Waterloo Region —
wmcneil @ April 4, 2013 6:23 pm
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