Kris Sherry's Blog

Ottawa Market Update, March 2015

Posted on: April 8th, 2015 by Kris Sherry

The Spring Market in Ottawa Real Estate is alive and well!!  Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236.  March’s sales, which numbered 356 more units than in February (a 41.8% increase), included 228 in the condominium property class, and 980 in the residential property class.

The average cumulative days on market was 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move more quickly as we enter the second quarter of 2015.  Average sales price has also increased, ever so slightly. So far, the 2015 resale market in Ottawa remains steady and strong.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The hottest segments of our market in March were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 price range.   Higher priced properties, as a rule, take a bit longer to find that perfect Buyer.

Since every area is slightly different, if you are interested in knowing what your home might be worth on today’s market, do give me a call.  Perhaps you are thinking of making a move – or maybe you just want to know how your investment is doing.  I am happy to help.

Don’t forget those referrals – they form the back-bone of my business!  I love to have happy clients tell others about my services!!

Kris

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