Resale homes sold more quickly in February

Members of the Ottawa Real Estate Board sold 936 residential properties in February through the Board’s Multiple Listing Service® system compared with 1,030 in February 2010, a decrease of 9.1 per cent. Of February’s sales, 213 were in the condominium property class and 723 were in the residential class.

“Once again we’re seeing sales numbers very close to the five-year average for February, which is 962 sales. It’s important to note the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose more than they had in the previous two months which indicates we still have a very steady market here in Ottawa,” said Board President Joanne Tibbles. “This tells us that there is a demand for resale homes In Ottawa, and when buyers see the home they want, they’re going after it, perhaps even going up against other bidders,” she added.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $339,409, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010. The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010.

With particular reference to single level condominium apartments, MLS statistics for February 2011 show a total of 105 sales of apartments while in February 2010 the total was 103. February 2011’s average sale price was $297,727, an increase of 3.4 per cent over the previous February. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

Despite the miserable winter weather outliving its welcome, the real estate market is showing signs of spring. Personally I have been extremely busy and some listings that were “sitting” for a while have been translated into satisfactory sales.

Don’t hesitate to call me for an informal chat if you have any questions.