March resale market springs into action
OTTAWA, April 19, 2016 - Members of the Ottawa Real Estate Board sold residential properties in March through the Board's Multiple Listing Service® system, compared with 1,200 in March 2015, a decrease of 2.8 percent. The five-year average for January sales is 1,220.
The average sale price of a residential-class property sold in March in the Ottawa area was $394,951, an increase of two percent over March 2015. The average sale price for a condominium-class property was $258,714, a decrease of 2.4 percent from March 2015. The board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value.
"We are definitely seeing a resale market increase from the previous month, with 256 more properties sold in March over February," says President of the Ottawa Real Estate Board, Shane Silva. "Properties are starting to sell faster, indicating that we are heading into our busy spring market."
OREB Monthly News Release - 2016 - March