Members of the Ottawa Real Estate Board sold 853 residential properties in February 2015 through the Board’s Multiple Listing Service® system, compared with 868 in February 2014, a decrease of 1.7%. In this February 2015 market update, the five-year average for February sales is 914.
“Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year. Looking at residential properties alone, 13 more properties were sold this February over last February – a 1.9% increase; while the condo market, on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January.” – David Oikle, President of the Ottawa Real Estate Board
February’s market update noted 168 sales in the condominium property class and 685 in the residential property class. The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $358,206, an increase of 1.3% over February 2014. The average sale price for a condominium-class property was $267,880, an increase of 3.8% over February 2014. The average sale price of a residential-class property was $380,358, a decrease of 0.3% over February 2014.
The hottest segments of the Ottawa market update in February were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range, and $400,000 to $500,000 range. These price ranges continue to have the highest concentration of properties sold, while residential two-storey homes and bungalows continue to have the highest concentration of buyers.