The Ottawa Real Estate Board (OREB) has released its monthly sales statistics for February 2015, reporting that members of the Board sold 853 residential properties across Ottawa during the month. This is a decrease of 1.7% over the same month of last year, and below the five-year average for February sales which is 914.
Spring Real Estate Market Fast Approaching
Of the total homes sold across Ottawa during the month of February, there were 685 sales in the residential property class and 168 sales in the condominium property class. The condo class includes any property registered as a condominium, including co-operatives, timeshares, and life leases, while the residential property class includes all other residential properties.
OREB President David Oikle noted that sales were only slightly down year-over-year, even despite the record-cold temperatures Ottawa faced in February. He went on to add that although the condo market was slower last month, residential home sales saw an increase of 1.9%. Meanwhile, “both residential and condo sales are up a total of 226 combined units since January and there are a total of 6,519 residential listings going into March – both telling signs that the spring market is fast approaching.”
Residential Sale Price Increases 1.3%
The average sale price for a residential home in Ottawa was $358,206, a year-over-year increase of 1.3%. For a condominium class property the average sale price was $267,880, a 3.8% increase over the same month last year, while the average sale price for residential class properties decreased 0.3% year-over-year, to $380,358. Oickle added that the $300,000 to $400,000 price range continued to have the highest concentration of sales during the month of February, followed by the $200,000 to $300,000 range, with two-storey homes and bungalows purchased by the highest concentration of buyers.
Visit the OREB website to read the full report. If you’d like to learn more about the Ottawa real estate market, please feel free to contact us directly, or browse our website for a sales representative who can help you. Due to the local nature of real estate, it’s helpful to speak with a licensed sales representative who can provide detailed information on market trends in your Ottawa neighbourhood.
For more general information on buying or selling a home in Ottawa, take a look at our online guides for home buyers and sellers. You can also browse our active residential listings, or contact us for a free market evaluation of your property. We’re happy to help answer any questions you have about buying or selling a home in Ottawa!
