Ottawa Market Update, January 2019
We broke records for snowfall during the month of January and we also broke records for home sales. January is usually a slow month but, in spite of the record cold and snowfall, members of the Ottawa Real Estate Board sold 820 residential properties in January through the Board’s Multiple Listing Service®, compared with 708 in January 2018, an increase of 15.8%. The five-year average for January is 683.4.
Properties are moving quickly, and buyers are looking for opportunities – don’t wait for Spring if you are thinking of selling. The “spring market” will be here before you know it.
The average sale price of a residential-class property sold in January in the Ottawa area was $432,829, an increase of 1.5% over January 2018. The average sale price of a condominium-class property was $283,990, an increase of 7.7% from this month last year. Inventory is at its lowest level in years but new builds are helping prices remain stable and there is quality affordable housing available for almost every level of home buyer in Ottawa.
If you are planning on buying or selling, it is always best to ask for the services of an experienced Realtor® and we are here for you, ready to help. Please do make that phone call.