Busy Home flickr photo By Will Spaetzel The Kitchener-Waterloo Association of Realtors (KWAR) believes stricter mortgage rules are behind the slump in sales in the region.

According to new numbers for March 2013, there were a total of 1,397 home sales in the first quarter of the year, a 7.6 per cent drop from last year’s total for the same period.

“First time buyers are most impacted but at the same time low interest rates should help foster a healthy upcoming spring market,” said Dietmar Sommerfeld, President of KWAR, in the news release.

Last month, 607 properties changed hands in the region. That’s 9.4 per cent lower than March 2012 and 1.5 per cent below the the five-year average. March saw sales of detached homes drop by 12.1 per cent to 393 and condos decline by 12.3 per cent to 107. Other property types fared better as 58 semi-detached houses sold in March for a 5.5 per cent boost and 43 freehold townhouse sales leading to a 7.5 per cent jump.

Though this year’s sales stats can’t compare to 2012, the market has been slowly picking up speed: sales have increased month over month since January of this year. And as far sales values are concerned, the average home price is up to $320,229 for a 2.9 percent compared to March 2012. Single detached homes posted a 3.4 per cent increase, rising to an average price of $367,714. Condos also performed well, rising by 3.6 per cent to $206,298.

For a more detailed breakdown of the market, check out the charts below…

KWAR Price and Total Units Sold

 

Prices and units sold year-to-date KWAR

 

KWAR 10 year average

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