Is spring in the air?

Member of the Ottawa Real Estate Board sold 1,011 residential and condominium properties in February through the Board’s Multiple Listing Service system, an increase of 11.2% compared with February 2016. The average sale price of a residential – class property sold in February in the Ottawa area was $417,374, an increase of 8.5% over February 2016. The average sale price of condominium class property sold in February in the Ottawa area was $258,397, an increase of 4.0% over February 2016. A total of 2,066 homes were listed in February up almost 25% from January.  The inventory of homes for sale, year to date, decreased by 15.3% from 5,269 homes versus 6,224 in February 2016.  Finally, the average cumulative days on market for a home to sell decreased 13.8% from 94 days in February from 109 days in February 2016.