Ottawa Market Update, February 2019
Members of the Ottawa Real Estate Board sold 1,005 residential properties in February through the Board’s Multiple Listing Service® System, compared with 978 in February 2018, an increase of 2.8 per cent. The five-year average for February sales is 949.
February has been a strong month in spite of inventory challenges, and with year-to-date unit sales 8% higher in both the condo and residential categories, it is looking very favourable for the spring market. Days on market continue to decline and inventory has fallen to its lowest level in many years. If we had more supply, our unit sales would be even greater.
The average sale price of a residential-class property sold in February in the Ottawa area was $466,540, an increase of 8.6 per cent over February 2018. The average sale price for a condominium-class property was $288,354, an increase of 5.6 per cent from this month last year. The Ottawa market is well ahead of inflation regarding average prices for both condo and residential properties. We are in a comfortable position and remain one of the most affordable markets in the country.
If you are thinking of buying or selling, you will need the expertise of an experienced Realtor® to help you navigate through this complex market. Don’t wait too long if you hope to get a jump on the Spring Market! Give me a call – I’m happy to help.