The spring market is blossoming!
Members of the Ottawa Real Estate Board sold 1,795 residential properties in April through the Board’s Multiple Listing Service® System, compared with 1,711 in April 2016, an increase of 4.9%. The five-year average for April sales is 1,613.
Lower inventory combined with increased demand indicates a trend towards a seller’s market and is creating more multiple offer situations and faster sales. The average days on market is currently just 71 days.
The average price of a residential class property sold in April in the Ottawa area was $435,883 – an increase of 7.9% over April 2016. The average sale price for a condominium-class property was $268,553 – an increase of 2.9% over April 2016.
There is a continuing trend in the number of high-end units selling. This may be partly due to the migration of buyers from Toronto, to move-up buyers or to the fact that well paying jobs in the high-tech sector are bringing more people to the Ottawa market.
Since every area is slightly different, if you are thinking of buying or selling, you should get some advice from an expert - namely me. I'd love to help.