The Ottawa real estate industry can look forward to a strong spring market, thanks to a strong and stable February. Last month, year-to-date unit sales were 8% higher in both the condo and residential categories, indicating a continued positive trend as we move further into 2019.
“The Ottawa market is well ahead of inflation in regards to 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,” points out Ottawa Real Estate Board’s 2019 President, Dwight Delahunt.
- Members of the Ottawa Real Estate Board sold 1,005 residential properties in February 2019 (an increase of 2.8 per cent from the previous year).
- There were 756 sales in the residential property class (a rise of 3.8 per cent from a year ago) with an average sale price of $466,540.
- February saw 249 sales in the condominium property class (a decrease of 0.4 per cent from February 2018) with an average sale price of $288,354.
- The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 44 per cent of home sales.
- The most active price point in the condominium market is between $175,000 to $274,999, accounting for 48 per cent of the units sold.
Ottawa Realtors® continue to satisfy buyer demand, despite the fact that current inventory is the lowest it has been in many years and average days on market continue to decline. If you are looking to sell your home this year, now is the time to get a head start on the spring market! Your Realtor® will be able to discuss your individual needs with you as well as the best way to position your home in the current Ottawa real estate market. Not sure about working with a Realtor®? Read our latest blog post about the top 5 benefits of working with a Realtor®.
If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about the current real estate market in Ottawa, please contact our team of expert Realtors® at Royal LePage Performance Realty today. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.