The Ottawa resale real estate market in March saw inventory continuing to be low and average sale prices up for residential homes and condominium units, the Ottawa Real Estate Board has reported.
In a press release comparing sales numbers from March of 2019 with the numbers from March of 2018, the Board says the average sale price of a residential-class property in March was $480,143. That’s an increase of 7.2 % over the average price in March of last year.
The average sale price of a condominium unit, meanwhile, was $290,181. That’s an increase of 5.2 % over the average sale price in March of last year.
The Board says its members sold 1,511 residential properties in March through the Multiple Listing Service system. That’s above the five-year average for March sales in our area, which is 1,402. But it’s down 8.6 % from the 1,654 properties sold in March of last year, the Board reports.
The properties sold in March included 375 condominium units (up 5 % over March of last year) and 1,136 residential-class properties (down 12.4 % from last year).
Dwight Delahunt, President of the Ottawa Board, says the lower than usual number of sales is connected to the lower than usual inventory on our market, which we’ve seen for several months.
He says the tight supply has also contributed to a decline in the average number of days properties were on the market. The average number of days for residential-class properties was down 14 % from March of last year. The average number of days for condominium units was down 36 % from last year.
In some parts of Ottawa in March, he says, “buyers are facing multiple offer situations, and properties are often selling over list price. These dynamics of low inventory, reduced days on market and multiple offers are signs of a sellers’ market in these areas. While a benefit to those sellers, it’s stressful and time-consuming for buyers. The experience and guidance of a Realtor is essential in these types of market conditions.”
Looking at sale prices in more detail, the Board reports the most active price range in the residential-class property market was for properties priced from $300,000 to $449,999, representing 43 % of March sales. Units priced in the $500,000 to $749,999 range represented 25 % of sales in March.
The most active price range on the condo market was for units priced from $225,000 to $349,999, representing 49 % of the units sold in March, the Board reports.
As it always does, the Board cautions that average sale prices in a given month 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. As with any city, prices and conditions in Ottawa vary from neighbourhood to neighbourhood.
If you’re considering buying or selling property in the Ottawa area, I’d love to tell you more about the current Ottawa market and conditions in your area of the city.
With more than 30 years of experience as a Realtor in this region, I know Ottawa’s market and neighbourhoods well. You can see my current listings and read about me and my team at www.nancybenson.com
Feel free to give me a call, at 613-747-4747.