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Ottawa Market Update, March 2015

Posted on: April 14th, 2015 by Chris Scott

The Spring Market in Ottawa Real Estate is alive and well!   Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236.  March’s sales, which numbered 356 more units than in February (a 41.8% increase), included 228 in the condominium property class, and 980 in the residential property class.

The only concern in the market remains the high level of inventory in some neighbourhoods and price ranges. For instance in Stittsville there is over 12 months of inventory available for buyers looking over $500,000.

The average cumulative days on market was 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move faster as we enter the second quarter of 2015.  Average sales price has also increased, ever so slightly. So far, the 2015 resale market looks to be steady and stable.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The average sale price for a condominium-class property was $251,666, no change over March 2014. The average sale price of a residential-class property was $387,141, no change over March 2014. The hottest segments of our market in March were sales between $300,000 and $400,000, followed by the $200,000 to $300,000 price range. If you want market statistics for your neighbourhood, please feel free to get in touch.


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