Joanne Clemens | February Buyers Snap Up Limited Inventory
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February Buyers Snap Up Limited Inventory

February Buyers Snap Up Limited Inventory

OTTAWA, March 5, 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. February’s sales included

756 in the residential property class,

a rise of 3.8 per cent from a year ago,

and 249 in the condominium

property class, a decrease of 0.4

per cent from February 2018. The

five-year average for February

sales is 949.

“February has been a strong

month, 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,” states

Ottawa Real Estate Board’s 2019

President, Dwight Delahunt.

“Days on market continue to

decline, and although inventory has

fallen to its lowest level in many

years, we are still managing to satisfy

demand even with 900 fewer listings

than this time last year,” he adds. “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 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,”

Delahunt points out.

The $300,000 to $449,999 range

continued to represent the most

active price point in the residential

market, accounting for nearly 44 per

cent of February’s sales while 26 per

cent of residential sales were in the

$500,000 to $750,000 price range.

Between $175,000 to $274,999

remained the most prevalent price

point in the condominium market,

accounting for 48 per cent of the

units sold.

“If you are thinking about selling,

don’t wait – get a jump on the

spring market! Now is the time to

have a conversation with your

REALTOR® who understands

the best way to position your

home in the market and has the

experience to guide you through

its complexities,” Delahunt

suggests. “This is the type of

market you certainly wouldn’t

want to navigate without one.”

In addition to residential and

condominium sales, OREB

Members assisted clients with

renting 342 properties since the

beginning of the year.

* The Board cautions that the

average sale price can be useful

in establishing trends over time

but should not be used as an

indicator that specific properties have

increased or decreased in value. The

calculation of the average sale price is

based on the total dollar volume of all

properties sold. Price and conditions

will vary from neighbourhood to

neighbourhood.