KITCHENER, ON (April 3, 2009) - For REALTORS® of the Kitchener‐Waterloo Real Estate Board (KWREB), March marked their busiest month in half a year. Not since September of 2008 have sales reported through the KWREB's MLS® exceeded 450 units.

A total of 497 residential properties were sold in March through the KWREB, representing a 34.7 percent increase over the 369 properties sold in February. This is the third consecutive month that the KWREB has recorded an increase in sales from the previous month.

"March was a good warm‐up to what we hope will be a very active spring market, "says Karen Shartun, President of the Kitchener‐Waterloo Real Estate Board. "Canadians have long been believers in homeownership and now more than ever people are realizing that it is a very good investment. In our market particularly, I think you can very easily make that case."

Residential properties in Kitchener‐Waterloo sold for an average price of $252,778 last month, which is a slight 0.1 percent increase over March 2008. The median residential sale price (the midpoint between the most expensive and least expensive house) declined a negligible 0.6 percent to $240,500 in March on a year‐over‐year basis.

Shartun says that. "Despite the struggling economy, there is no reason for those in a strong position to sell or buy a home, to stay on the sidelines. Even with today's slower market, if you've owned your home for more than a few years, you've likely realized a very good gain."

It is first‐time home buyers who seem to be moving the March sales figures, explains Shartun. Homes selling in the $225,000 to $250,000 range made up 18 percent of the total market activity in March, a 3.6 percent increase in the proportion of sales occurring in that segment compared to the same period last year.

While Shartun believes that now is a good time for qualified buyers to enter the market, it's not because of any big bargains to be had. "Prices in Kitchener‐Waterloo are holding their own, but buyers can benefit from a very good selection of properties on the MLS® and mortgage rates that are at historically low levels."

Other highlights from the March 2009 MLS® Report include:

• The number of new MLS® listings processed (2,549) is on par with last year, during the first quarter of 2009
• The number of active MLS® residential listings available through the KWREB as of the end March: 2,186
• The average sale price of a Detached home sold through the KWREB on a year‐to‐date basis:$283,098
• The average sale price of a condominium unit sold through the KWREB on a year‐to date basis: $164,914
• During the first quarter the average residential sales price through the KWREB decreased 3.4 percent on a year‐over‐year basis, to $249,774 in Kitchener‐Waterloo
• During the first quarter the KWREB recorded 1,120 residential sales including 740 Single‐Detached, and 182 condo units
• In February the Kitchener‐Waterloo average price declined by less than the provincial and national average on a year‐over‐year basis