Ottawa Market, April 2017
The Spring Market is Blossoming!
Members of the Ottawa Real Estate Board sold 1,795 residential properties in April through the Board’s Multiple Listing Service® System, compared with 1,711 in April 2016, an increase of 4.9%. The five-year average for April sales is 1,613.
Lower inventory combined with increased demand indicates a trend towards a seller’s market and is creating more multiple offer situations and faster sales. The average days on market is currently just 71 days.
The average price of a residential class property sold in April in the Ottawa area was $435,883 – an increase of 7.9% over April 2016. The average sale price for a condominium-class property was $268,553 – an increase of 2.9% over April 2016.
There is a continuing trend in the number of high-end units selling. This may be partly due to the migration of buyers from Toronto, to move-up buyers or to the fact that well paying jobs in the high-tech sector are bringing more people to the Ottawa market.
Don’t forget that every area is slightly different so if you are thinking of buying or selling, do give me a call.
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From Kris' Blog
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