In spite of continued low inventory levels, we are still seeing more sales than last year – listings simply are not staying on the market! Properties priced well are selling very quickly. Members of the Ottawa Real Estate Board sold 1,660 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,478 in March 2017, an increase of 12.3 per cent. The five-year average for March sales is 1,339.
The average sale price of a residential-class property sold in March in the Ottawa area was $447,561, an increase of 8 per cent over March 2017. The average sale price for a condominium-class property was $275,592, an increase of 0.7 per cent from March 2017. With stable pricing in the condominium market and reasonable increases of 8 per cent in the residential market, Ottawa continues to be a healthy and vibrant real estate market.
Since ever area is slightly different, if you are thinking of buying or selling do give me a call. I can help. With inventories low, this is a great time to list your home!