Here are the March 2022 numbers:
Total number of units sold: 2,011 – down 12% from 2,274 in March 2021.
Five-year average unit sales for March: 1,792.
“Although the number of sales in March decreased from last year at this time, it was still a robust and busy start to the spring season. Transactions increased 42% over February (590 units) and were 12% higher than the 5-year average. Last March was unseasonably warm in comparison, and the lion-like weather that pervaded most of this March may have played a role. More likely, the lifting of some restrictions and opportunity for unfettered travel during the spring break had peoples’ attention turning towards other activities during the month,” states Ottawa Real Estate Board President Penny Torontow.
Here are the specifics for each property class:
Number of residential-class properties sold: 1,493 – down 12% from 1,672 in March 2021.
Average sale price of a residential-class property: $853,615 – up 13% in March 2021.
Number of condominium-class properties sold: 518 – down 10% from 570 in March 2021.
Average sale price of a condominium-class property: $467,915 – up 14% in March 2021.
“Average prices continue on their upward trend, albeit only increasing 2-3% over February’s figures, the year over year percentage increases of 13-14% validate that the housing supply shortage will continue to put strong upward pressure on prices until that is remedied.”
“Last month saw 2,632 new listings enter the MLS® System, and although 6% lower than March 2021, this is still 4% (or 100 units) above the 5-year average. Residential-class property inventory is approximately 10.5% higher than last year at this time, with condominium-class inventory down 12%. Overall, we are just slightly over (.6%) a half month’s supply of inventory and require at least four months of inventory to be considered within a balanced market.”
“It is encouraging to see new inventory entering the resale market. However, these properties are being quickly absorbed due to the unrelenting high demand, and more listings are crucial to meeting this need,” Torontow advises.