Ottawa Real Estate Statistics

The Ottawa Real Estate Board reported on Wednesday that sales increased year over year by 12.6% in March compared to March last year.  Condominium sales were down by 7% while residential class sales were up by 19%.  The average sale price for March was $353,684 which was an increase of 2.1% over March 2011 and was virtually unchanged from February 2012.  There was an increase in new listings taken in the month and the listing inventory is higher than normal. The sales to listing inventory ratio indicates the market has edged just into seller market territory.  Typical of this time of the year the trend for the average selling time is down, now at 39 days.  Over the first quarter of this year there was a stabilization in the average sale price.  This should change as the market balance moves more into seller market territory.  The absorption rate is at 5.6 months.