In a word, YES! 911 residential properties were sold in February through the Board's Multiple Listing Service® system, compared with 850 in February 2015, That's an increase of 7.2 per cent. The five-year average for February sales is 908.
"Although the weather was very unpredictable this month, with many highs and lows and several winter storms, the Ottawa resale market only saw activity pick up," says President of the Ottawa Real Estate Board, Shane Silva. "Residential and condo sales combined increased by 52.3 per cent since last month. However, we need to factor in the leap year, which added an extra day to the month of February, and 46 sales on that day."
There were 199 condominium and 712 homes sold. So if you are selling a house that is where 78% of the buyers are focusing.If you are going to be a buyer in 2016 that's also where the competition is going to be!
"In February, 2,312 homes were listed, up 26.6 per cent since January, and inventory on hand at the end of February rose by 10.7 per cent since January," says Silva. "We're starting to see more homes 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."
The average sale price of a freehold home in February was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condo was $249,727, a decrease of 6.8 per cent over February 2015. As most people know stats are stats with many variances but overall 2016 looks like even with the cold it's starting on the right note!
More homes sold in the $300,000 to $400,000 price range than any other ie. starter homes!, This price range is where the starting price of homes are in most neighbourhoods inside the greenbelt. In the suburbs there is a lot more selection and you could look just under that $300,000 price point but selection is definitely limited.
Now is the time to get in the market before the competition for homes gets going full steam. We are already seeing some bidding wars and in certain areas with low supply homes are selling in days well over the asking price.
The time to buy is now. Let's get going!