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Ottawa Market Update, February 2017

Posted by Chantel Brownlee on Tuesday, March 7th, 2017 at 9:38am.

The spring market is at the starting gate and ready to take off! Members of the Ottawa Real Estate Board sold 1,010 residential properties in February through the Board’s Multiple Listing Service® System, compared with 908 in February, an increase of 11.2 per cent. The five-year average for February sales is 872.  Numbers continue to indicate a positive trend

A total of 2,066 homes were listed in February, up almost 25 per cent from January, while inventory on hand is still low compared to last year. Now is a great time to list your home in anticipation of the increase of buyer interest that will pick up as soon as the weather trends improve.

The average sale price of a residential-class property sold in February in the Ottawa area was $417,374, an increase of 8.5 per cent over February 2016. The average sale price for a condominium-class property was $258,397, an increase of four per cent over February 2016. 

Dramatic changes in the average sale price is not indicative of all property values. Buyers and Sellers should talk to a REALTOR® for more information about the housing market outlook where they live, or want to live.  Since each neighbourhood is different, I encourage you to give me a call if you are thinking of of selling or buying.  I'm happy to help.

Chantel

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