Highest February Transactions In Over 15 Years

While January provided buyers little on inventory, February has shown an abundance of properties, exceeding all expectations. Although there was an increase, buyers were quick to snatch what inventory was on the market.

Here are the February 2020 numbers:

  • Total number of units sold: 1,141 – up 13.9% from 1,002 in February 2019.
  • Five-year average unit sales for February: 1,006.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 835 – up 10.9% from 744 in February 2019.
  • Average sale price of a residential-class property: $563,694 – up 21.1% from $444,755 in February 2019.
  • Number of condominium-class properties sold: 306 – up 22.9% from 236 in February 2019.
  • Average sale price of a condominium-class property: $349,813 – up 21.3% from $275,303 in February 2019.

Back To Crazy Resale Market

“After a record-breaking 2019, January saw a minor dip in sales; however, February’s numbers suggest Ottawa’s resale market is heading back into overdrive,” observes Ottawa Real Estate Board President Deborah Burgoyne. “Activity overall has gone up with more listings coming on the market (though still well below the five-year average) and the highest number of February transactions in over 15 years.”

This a tough market to be in for buyers. It’s so unpredictable that some buyers have to settle for anything to find a place to live. Not only are there large amounts of properties being sold, but they’re being sold at an absurd rate. This just shows how much of a hard time buyers are having.

“The average Days on Market (DOM) decreased to 30 days for residential properties, down 12% from last year and condos fell 58% to 19 DOM. Figures for median Days on Market bring those numbers down to 9 DOM (combined). As a matter of fact, in specific highly sought after neighbourhoods, sold signs are going up after only 1-2 days.”

Anticipate A Crazy Spring Market

“With the first day of spring only weeks away, I suspect the frenzy of the spring market will be well upon us before the weather catches up,” speculates Burgoyne. “When there is limited inventory, it’s always a good time to sell, and the earlier you get on the market, the more you can differentiate your home. Be sure to entrust your home sale or purchase to an experienced professional.”