March Resale Market Springs Into Action

Members of the Ottawa Real Estate Board sold 1,166 residential properties in March through the Board’s Multiple Listing ServiceĀ® system, compared with 1,200 in March 2015, a decrease of 2.8 per cent. The five-year average for March sales is 1,220.

Homes are starting to sell faster, indicating that we are heading into our busy spring market!

In March, 3,203 homes were listed, up 38.6 per cent since February, and inventory on hand at the end of March also rose by 17.5 per cent from last month. Although there is a slight dip in units sold compared to last year, average price remains steady keeping the Ottawa resale market healthy and strong.

The average sale price of a residential property sold in March in the Ottawa area was $394,951, an increase of two per cent over March 2015. The average sale price for a condominium-class property was $258,714, an increase of 2.4 per cent over March 2015.

The average days on market for a home to sell was 88; an increase of 5.7% compared to 83 days on the market in March 2015. There were 3,203 new listing in March which represented a decrease of 5.5% compared to 3,388 new listings in March 2015. The average sale prie to average list price ratio (both for residential and condominium) was 92.8%