Sales were down almost six per cent compared to March 2018

Home sales in Waterloo Region experienced a bit of a dip in March.

Sales were down 5.7 per cent compared to the same month in 2018. Just over 500 residential properties were sold.

But the president of the Kitchener-Waterloo Association of Realtors says activity on detached homes continues to be strong. “The average number of sales in March was brought down by fewer semi-detached, townhomes and condos. I think this can be credited to the lack of inventory and options buyers have in those segments of the market.” Brian Santos said in a release.

Here is the breakdown of homes sold in the month:

• 325 detached (up 3.2 per cent)
• 45 condominium apartments (down 11.8 per cent)
• 116 townhouses (down 14.7 per cent)
• 25 semi-detached homes (down 37.5 per cent)

The average sale price of all residential properties sold in March increased over three per cent to almost $506,000 compared to March 2018.

Apartment style condos saw the biggest increase at 7.5 per cent, putting the average price at over $320,000.