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Market Update, February 2016

Posted on: March 3rd, 2016 by Chris Scott

Leap Year Phenomenon or Early Spring Market?

Members of the Ottawa Real Estate Board sold 911 through MLS. The five-year average for February sales is 908.

There were 46 sales on that extra day in February this year which may account for some of the increase!  Listings were also up, with 2,312 homes listed in February alone causing the inventory to rise by 10.7% since January. This is providing lots of options to buyers out there. More homes are coming onto the market in preparation for the busy spring selling season. If you’re thinking of putting your home on the market, this is a great time to do so.  It might be good to beat the Spring rush.

The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 per cent over February 2015. The condo market continues to struggle – there is still way too much supply in this segment.

Every neighbourhood is unique. Feel free to get in touch with me to find out what’s happening in your area. Now is the time to buy or sell if you have been thinking about it. It is an active market for sellers and for buyers and there is lots of good inventory to choose from.


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