Market Update, January 2017
The year is off to a great start! Members of the Ottawa Real Estate Board sold 667 residential properties in January through the Board’s Multiple Listing Service® system, compared with 598 in January 2016, an increase of 11.5 per cent. The five-year average for January sales is 614.
The number of properties listed in January has doubled the amount listed in December, which is very typical of sellers getting a jump start on the spring selling season.
The average sale price of a residential-class property sold in January in the Ottawa area was $394,001, an increase of 1.9 per cent over January 2016. The average sale price for a condominium-class property was $288,655, an increase of 16.8 per cent over January 2016. Three condo class properties sold for over $1 million this January, while none were sold in January 2016. This needs to be taken into consideration when looking at the overall increase in average condo sale price.
It is important to remember that every area is different. If you are thinking of buying or selling – or you know somebody who is, please give me a call. I am also thankful for all of the referrals my clients have provided – keep them coming!
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From Kris' Blog
Don’t miss this event – March 7th, 6:30pm to 8pm. 2255 Carling Avenue (near Woodroffe) – Re/Max Hallmark Offices Must have information for new buyers but also valuable info for any home buyer. Are you unsure about entering or re-entering the housing market? Do you know exactly how much you can afford? Learn all about ...