While the latest data on the Kitchener-Waterloo real estate market might initially seem to be cause for concern, a deeper dive reveals something slightly different.

According to the Kitchener-Waterloo Association of Realtors, the average sale price in Kitchener, Waterloo, Wellesley, Wilmot and Woolwich stood at $490,010 in March – a decrease of 0.65 per cent from March 2017.

Decreases in local house sale prices are uncommon, but they are not unheard of even in good economic times. The last time it happened was in February 2015. (To give you an idea of how far the market soared in 2016 and 2017, the average sale price in February 2015 was $328,237.)

Additionally, the median sale price posted a modest increase of 1.3 per cent, moving from $451,258 to $457,000. Both numbers also represented increases over what was recorded in February.

A rising median sale price and falling average sale price suggests that March 2017 could have brought an unusually high number of sales of high-end homes, which the market failed to duplicate this March.

Looking at the very-long-term trend, last month’s average and median sale prices were both more than double the numbers posted in March 2006.

The average sale price of a detached home in March was $582,851.

On the volume side, there were 540 sales recorded in March – up from 377 in February and down from 728 in March 2017.

Realtors’ association president Tony Schmidt says the increase in activity mirrored what was seen elsewhere in the Greater Golden Horseshoe, and the area remains “deep in a sellers’ market” with no signs of change on the horizon.

“While 2018 won’t be quite as hectic as 2017, the market is going to be demanding,” Schmidt said in a press release.

“Realtors … are reporting strong demand throughout the region and receiving multiple offers on many homes.”

As of March 31, there were 792 active residential listings in Kitchener, Waterloo, Wellesley, Wilmot and Woolwich, compared to an average March 31 figure of 1,424.