Members of the Ottawa Real Estate Board sold 853 residential properties in February through the board’s Multiple Listing Service system, compared with 868 in February 2014, a decrease of 1.7 percent. The 5 year average for February sales is 914.
Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year. Looking at residential properties alone, 13 more properties were sold this February over last February – a 1.9 percent increase; while the condo market on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January and there are are a total of 6,519 residential listings going into March – both telling signs that the spring market is fast approaching.
February’s sales included 168 in the condominium property class and 685 in the residential property class.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $358,206, an increase of 1.3 percent over February 2014. The average sale price for a condominium class property was $267,880, an increase of 3.8 percent over February 2014. The average sale price of a residential class property was $380,358, a decrease of 0.3 percent over February 2014.
The average sale price is calculated based on the total dollar volume of all properties sold, establishing trends over time. Average sale prices should not be used as an indicator for specific properties that have increased or decreased in value.