According to statistics released today from the Ottawa Real Estate Board, Ottawa continued to see a “steady resale market” in February 2014. Members sold 870 residential properties through the Multiple Listing Service, which is a decrease of 3.7% compared to 903 sales in February of last year.
“February sales are down slightly year-over-year, despite the less than favourable weather, and possible distraction of the Olympics,” says President-Elect of the Ottawa Real Estate Board, David Oikle. “Typical of a burgeoning spring market, Ottawa’s resales gained momentum in February. Looking at this month’s sales, in comparison to last month’s sales, the market has picked up as we approach the busiest time of the year – 282 more homes were sold in February, over January.”
February’s sales included 197 in the condominium property class, and 673 in the residential property class. The condominium property class includes any property that is registered as a condominium, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), as well as co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, was $353,407 in February of this year, which is an increase of 2% over February 2013. The average sale price for a condominium-class property decreased 2.3% to $257,752, compared to the same month last year. The average sale price of a residential-class property was $381,407, an increase of 2.1 per cent over February 2013.
To read the full report, please visit the OREB website. If you’d like additional information about the real estate market in Ottawa, contact us directly or browse our website for a sales representative who can help you. You can also subscribe to our blog, or sign up to have blog posts delivered directly to your e-mail inbox.
