Ottawa’s spring home sales market is set for high-demand with buyers already battling tight supply in the last month.
There were 1,005 residential property sales recorded by the Ottawa Real Estate Board’s MLS in February, up 2.8% from a year earlier and beating the 5-year-average for the month (949).
But with listings down year-over-year, the board is urging sellers not to wait.
“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. If we had more supply, our unit sales would be even greater.”
February’s sales were driven by the 756 residential class homes sold, 3.8% more than a year earlier. Condo class sales were down 0.4% to 249.
The average sale price of a residential-class property sold in February in the Ottawa area was $466,540, an increase of 8.6% year-over-year the average sale price for a condominium-class property was $288,354, an increase of 5.6% year-over-year.
Almost 44% of sales in February were in the $300,000-449,999 price range.
“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.