Resale buyers brave the February freeze
February was cold but was the market?? Not really. Sales are only slightly down from last year, 13 more properties were sold this February over last February - a 1.9 per cent increase; The condo market remained a little slow but is picking up.. Both residential and condo sales are up a total of 226 combined units since January.
As of the end of February there were 6,519 residential listings going into March.
"February's sales included 168 in the condominium property class, and 685 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties."
Ottawa area average sale price for condo's and residential was $358,206 in February! That's 1.3 per cent increase than February 2014. According to the Ottawa Real Estate Board "The average sale price for a condominium-class property was $267,880, an increase of 3.8 per cent over February 2014. The average sale price of a residential-class property was $380,358, a decrease of 0.3 per cent over February 2014. While average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value, because the average sale price is calculated based on the total dollar volume of all properties sold."
This is great news for those of you buying and better news for those of you looking to sell!
"The hottest segments of our market in February were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range and $400,000 to $500,000 range," says Oikle. "These price ranges continue to have the highest concentration of properties sold, while residential two-storey homes and bungalows continue to have the highest concentration of buyers. In addition to residential and condominium sales, OREB members assisted clients with renting 366 properties since the beginning of the year."