Through ice, snow, sleet, and more snow, buyers braved the cold days to make February a strong month for the real estate market in Ottawa.
Here are the February 2019 numbers:
- Total number of units sold: 1,005 – an increase of 2.8% from 979 in February 2018.
- Five year average unit sales for January: 949.
“With year-to-date unit sales 8% higher in both the condo and residential categories, it is looking very favourable for the spring market,” says Dwight Delahunt, Ottawa Real Estate Board President.
Here are the specifics for each property class:
- Number of residential-class properties sold: 756 – up 3.8% from 729 in 2018.
- Average sale price of a residential-class property: $466,540 – up 8.6% from $429,600 in February 2018.
- Number of condominium-class properties sold: 249, down by only one sale in 2018.
- Average sale price of a condominium-class property: $288,354 – up 5.5% from $273,174 in February 2018.
Days on Market Remain Low, Competition for Homes on the Rise
Buyers are facing some competition on the market right now as inventory remains low. It’s not uncommon for multiple-offer situations to arise.
“Days on market continue to decline, and although inventory has fallen to its lowest level in many years, we are still managing to satisfy demand,” Dwight says. “If we had more supply, our unit sales would be even greater.”
While there are still lots of homes to choose from, buyers should definitely work with a realtor who has experience with negotiations and multiple offers.
Ottawa Market Still Affordable
Despite a a 5-8% increase in prices since this time last year, Ottawa remains one of the most affordable housing markets in Canada.
“The Ottawa market is well ahead of inflation in regards to average prices for both condo and residential properties. We are in a comfortable position,” Dwight says.
Don’t Wait to List Your Home
“If you are thinking about selling, don’t wait…now is the time to have a conversation with your realtor who understands the best way to position your home in the market and has the experience to guide you through its complexities,” says Dwight.
We certainly agree with him! There are buyers out there looking for homes just like yours. The Paul Rushforth Real Estate Team has the experience, skills, and knowledge to bring buyers to your listing and negotiate the best possible price.