The March resale market went out like a lion!!
The Spring Market started early this year. Members of the Ottawa Real Estate Board sold 1,485 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,160 in March 2016, an increase of 28 per cent. Unit sales for March marked the second best on record, only 13 units down from the record set in March 2010. We’re also starting to see properties move faster, with the average cumulative days on market sitting at 82 days.
More multiple offer situations are taking place than we’ve had in a while, mostly due to lower inventory levels. As well, a higher number of properties in the over $1 million price range were sold in March continuing the trend we’ve been seeing since January.
The average sale price of a residential class property sold in March in the Ottawa area was $415,467, an increase of 5.3 per cent over March 2016. The average sale price for a condominium class property was $272,597, an increase of 5.3 per cent over March 2016.
It's a great time of year to buy or sell, so do give me a call if you are thinking of making a move. Every neighbourhood is slightly different so those average prices don't always apply to every location.