The resale housing market showed a steady increase during the month of February. Coupled with a healthy inventory of properties for sale, this indicates we are heading into spring with a balanced market which is great for both buyers and sellers.
Members of the Ottawa Real Estate Board sold 1,009 residential properties in February through the Board’s Multiple Listing Service® system compared with 940 in February 2011, an increase of 7.3 per cent. The five-year average for February sales is 949. February’s sales included 244 in the condominium property class, and 765 in the residential property class.
The average sale price of all residential properties, including condominiums, sold in February in the Ottawa area was $350,046, an increase of 3.2 per cent over February 2011. The average sale price for a condominium-class property was $273,464, an increase of 4.6 per cent over February 2011. The average sale price of a residential-class property was $374,472, an increase of 3.4 per cent over February 2011.
Each area is different. If you are curious to know what your home might be worth on today’s market, give me a shout.