Ottawa Market Update, March 2017
MARCH RESALE MARKET GOES OUT LIKE A LION!
The Spring Market started early this year. Members of the Ottawa Real Estate Board sold 1,485 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,160 in March 2016, an increase of 28 per cent. Unit sales for March marked the second best on record, only 13 units down from the record set in March 2010. We’re also starting to see properties move faster, with the average cumulative days on market sitting at 82 days.
More multiple offer situations are taking place than we’ve had in a while, mostly due to lower inventory levels. As well, a higher number of properties in the over $1 million price range were sold in March continuing the trend we’ve been seeing since January.
The average sale price of a residential class property sold in March in the Ottawa area was $415,467, an increase of 5.3 per cent over March 2016. The average sale price for a condominium class property was $272,597, an increase of 5.3 per cent over March 2016.
The numbers are positive, but it’s important to remember that price and conditions vary depending on location. If you are thinking of buying or selling – now is a great time to do so – but please give me a call so that I can provide you with my years of real estate experience as we walk through the buying or selling processes.
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From Kris' Blog
Temperatures may be falling, but the Ottawa real estate market is thriving! Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3%. The five-year average for October sales is 1,165. Condominium sales are up 21.4% ...