Members of the Ottawa Real Estate Board sold 1,485 residential properties in March through the Board's Multiple Listing Service System, compared with 1,160 in March 2016, an increase of 28 percent. The five-year average for March sales is 1,240.
Unit sales for March marked the second-best on record, only 13 units down from the record set in March 2010. We're also starting to see properties move faster, with the average cumulative days on market sitting at 82 days. With all these positive numbers, it's still important to emphasize that price and conditions vary from neighbourhood to neighbourhood.
March's sales included 314 in the condominium property class, and 1,171 in the residential property class. 'We're seeing a lot more multiple offers that we've experienced in a while, mostly due to lower inventory levels,'. 'The number of properties listed in March also experienced a decrease over last year, and is about 100 units shy of the five-year listing average for March.'
The average sale price of a residential-class property sold in March in the Ottawa area was $415,467, an increase of 5.3 percent over March 2016. The average sale price for a condominium-class property was $272,597, and increase of 5.3 percent over March 2016.
The two most active price points in the residential market in March were the $300,000 to $399,999 and the $400,000 to $499,999 range, accounting for 53.7 percent of the market. Within the condo market, the most active price range was in the $150,000 to $249,999, accounting for 51.2 percent of the market.