There were sales numbers to cheer in Ottawa’s resale housing market results for February, with strong numbers and good news for both sellers and buyers.
The number of properties sold was above average; sale prices for condominium units and houses were up; and the number of days on the market is continuing to decline, the Ottawa Real Estate Board reports in a news release about the February market.
For buyers, the good news is that even with price increases over last year, properties in Ottawa remain far more affordable than in Toronto and Vancouver. Average prices in our region remain hundreds of thousands of dollars lower than in those cities.
The Ottawa Real Estate Board says its members sold 1,005 residential properties in February 2019 through the Board’s Multiple Listing Service System, that includes 756 units in the residential property class and 249 condominium units.
That total number is up 2.8 % over the number of units sold in February of 2018. It’s also well above the five-year average for February sales in our area, which is 949.
The strong sales numbers in February offer additional encouraging news for our market, following a hot January that posted the highest number of properties sold in that month in decades.
“February has been a strong month, and with year-to-date unit sales 8% higher in both the condo and residential categories, it’s looking very favourable for the spring market,” says Dwight Delahunt, President of the Ottawa Board, in a statement.
“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.”
The average sale prices for condo and residential housing in February are a reminder of how affordable Ottawa’s market remains for a city its size.
In February, the average sale price of a residential-class property sold in Ottawa was $466,540. That’s an increase of 8.6 % over the average in February of 2018.
The average sale price for a condominium-class property, meanwhile, was $288,354. That’s up 5.6 over the average price in February of 2018.
As it always does, the Ottawa Board cautions that while average sale prices for a given month can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. As with any city, prices and conditions will vary from neighbourhood to neighbourhood.
When sellers contact me to represent them, I arrive for our first meeting with specific information about recent sales numbers for similar houses in the area.
If you’re planning to buy or sell property in the Ottawa area, I’d love to meet with you and tell you about the Ottawa real estate market and the expertise I offer, with more than 30 years of experience as a Realtor in the Ottawa area.
On my website, www.nancybenson.com, you can read about the services we offer to buyers and sellers. You can also view my current listings to get an idea of the sophisticated presentation we offer to our sellers at Nancy Benson and Associates. Feel free to give me a call, at 613-747-4747.