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Ottawa Real Estate Update: February Buyers Snap Up Limited Inventory

FEBRUARY 2019 Ottawa Real Estate MARKET HIGHLIGHTS 
Buyers Snap Up Limited Inventory!

HIGHLIGHTS (RELEASED BY THE OTTAWA REAL ESTATE BOARD MARCH 5TH, 2019)

• Total properties sold: 1,005 residential properties sold on MLS® compared with 978 in February 2018, an increase of 2.8%
•  756 in the residential property class, a rise of 3.8% over Feb 2019
• 249 in the condominium property class, a decrease of 0.4 % from February 2018.
• The five-year average for February sales is 949.

“February has been a strong month, and with year-to-date unit sales 8% higher in both the condo and residential categories, it is looking very favourable for the spring market,” states Ottawa Real Estate Board’s 2019 President.

“Days on market continue to decline, and although inventory has fallen to its lowest level in many years, we are still managing to satisfy demand even with 900 fewer listings than this time last year,” he adds. “If we had more supply, our unit sales would be even greater.”

“If you are thinking about selling, don’t wait – get a jump on the spring market! Now is the time to have a conversation with your REALTOR® who understands the best way to position your home in the market and has the experience to guide you through its complexities,”  “This is the type of market you certainly wouldn’t want to navigate without one.” [Ottawa Real Estate Board’s 2019 President.]

• The average sale price of a residential-class property $466,540, an increase of 8.6% over February 2018.
• The average sale price for a condominium-class property was $288,354, an increase of 5.6% over February 2018.
• Residential most active price point $300,000 to $449,999 accounting for nearly 44% of February’s sales followed by  the $500,000 to $750,000 price range, which accounted for 26% residential sales.
•  $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 48 per cent of the units sold.

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.