The cold weather has not slowed a hot real estate market. Ottawa Realtors® sold 712 residential properties in January, compared with 664 in January 2017, an increase of 7.2 per cent. The five-year average for January sales is 638.
The average sale price of a residential-class property sold in January in the Ottawa area was $427,487, an increase of 8.8 per cent over January 2017. The average sale price for a condominium-class property was $263,744, a decrease of 8.6 per cent from January 2017. Though the average sale price 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. Price and conditions will vary from neighbourhood to neighbourhood.
The most active price point in the residential market is the $300,000 to $449,999 range, accounting for 47.5 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 55 per cent of the market.
If you are thinking of selling – now would be a fantastic time to reach out and call me before any changes with the spring market. We are currently experiencing a strong “sellers” market.