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Ottawa’s resale market remains stable in February

Members of the Ottawa Real Estate Board sold 870 residential properties in February through the Board’s Multiple Listing Service® system, compared with 903 in February 2013, a decrease of 3.7 per cent.

“February sales are down slightly year-over-year, despite the less than favourable weather and possible distraction of the Olympics,” says President-Elect of the Ottawa Real Estate Board, David Oickle. “Typical of a burgeoning spring market, Ottawa’s resales gained momentum in February. Looking at this month’s sales in comparison to last month’s, the market has picked up as we approach the busiest time of the year. 282 more homes were sold in February, over January.”

The average sale price of all residential properties, including condominiums, sold in February in the Ottawa area was $353,407, an increase of 2 per cent over February 2013. The average sale price for a condominium property was $257,752, a decrease of 2.3 per cent over February  2013. The average sale price for a residential property was $381,407, an increase of 2.1 per cent over February  2013.

“The hottest segments of our market in February are sales between $175,000 to $225,000 and $275 to $400,000. This could be indicative of first-buyers becoming active,” explains Oickle. “With an increased inventory going into March we could see this momentum transfer to other markets as first-time sellers re-enter the market as buyers and help contribute to continued market stability.”

Single level condominium apartments: February’s figures showed 101 sales for the month, compared with 95 in February 2013. The average price in February 2014 was $285,033, a decrease of 7.7 per cent over the previous year’s February.

Two-storey condominium townhomes: February’s figures showed 78 sales for the month, compared with 109 in February 2013. The average price in February 2014 was $224,085, a decrease of 0.4 per cent over the previous year’s February.

The clock changed on March 9th and even if the weather has not yet shown signs of spring, more daylight will surely brighten our spirits and lead us into brisk real estate activity.

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