Ottawa housing market soars into spring

Members of the Ottawa Real Estate Board sold 1,499 residential properties in March through the Board’s Multiple Listing Service® system compared with 1,161 in March 2009, an increase of 29.1 per cent. Of those sales, 327 were in the condominium property class, while 1,172 were in the residential property class.

“The spring market kicked off early and strong this year, possibly boosted by the unseasonably warm weather and absence of snow in March,” said Board President Pierre de Varennes. “Inventory is still lower than at this time in 2009, but it has begun to increase slightly in recent months,” he added.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $329,767, an increase of 15 per cent over March 2009. The average sale price for a condominium-class property was $240,409, an increase of 15.1 per cent over March 2009. The average sale price of a residential-class property was $354,698, an increase of 15.1 per cent over March 2009.

With particular reference to single level condominium apartments, MLS statistics for March 2010 show a total of 163 sales of apartments – a substantial increase of 58.3 per cent from March 2009. March 2010’s average sale price was $272,457, an increase of 21.2 per cent over the previous March. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

With the flowers in early bloom, the spring market has buyers, sellers and their agents hopping. There is still a shortage of listings on the market and the opportunities for sellers are almost unprecedented. Don’t be left standing at the gate while the swift disappear with the prizes. Spring is, was and always will be, the optimum time for a successful sale, never more than this year!