Brisk February sales keep Ottawa in seller’s market

Members of the Ottawa Real Estate Board sold 1,118 residential properties in February through the Board’s Multiple Listing Service® system compared with 787 in February 2009, an increase of 42.1 per cent. Of those sales, 323 were in the condominium property class, while 795 were in the residential property class.

“Last month’s sales were near the top of the usual range for this time of year, as opposed to February of 2009, which was the end of the brief slowdown we saw in Ottawa’s resale housing market due to global economic conditions,” said Board President Pierre de Varennes.

“So far in 2010, OREB Members have sold 1,838 properties, putting us well ahead of the 1,316 properties sold in the first two months of 2009. Inventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment,” he added.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $317,030, an increase of 15.8 per cent over February 2009. The average sale price for a condominium-class property was $265,938, an increase of 30.3 per cent over February 2009. The average sale price of a residential-class property was $337,788, an increase of 15.6 per cent over February 2009.

With particular reference to single level condominium apartments, MLS statistics for February 2010 show a total of 193 sales of apartments – a whopping increase of 196.9 per cent from February 2009. February 2010’s average sale price was $302,407, an increase of 35.3 per cent over the previous February. These figures of course are averages for the entire city.  If you would like more specific statistical information, just call me.

With the snow on the retreat, the spring market is beginning in earnest and the most recent statistics reflect that. I am optimistic that both sellers and buyers will enjoy the benefits of a more balanced market this year. But Spring is the best time of year to offer your property for sale. After the doldrums of the winter months, buyers have Spring in their steps.