Ottawa real estate showed a slight unit sales increase in the month of February 2019 of 2.8%, just a handful of sales ahead of last year. Continuing listing inventory shortages pushed prices up but curtailed unit sales increases.
Here is a snapshot of key indicators for the month’s sales:
Residential sales were up 3.8% during the month and condo sales were flat compared to last year.
The average residential sale was up 8.6% to $466,540 and the average condo sale was up 5.6% to $288,354
Residential listing inventory is 20.1% below last year and condo listing inventory is 31% lower than last year.
Further compounding the listing inventory situation is the fact that new listings during the month were also on the negative side, with 6.5% fewer new listings during the month and 21.9% fewer condos.
If these trends continue, we should see continuing upward price pressure and a continuation of the sellers’ market conditions.
For your neighbourhood specific details, contact your Realtor or the undersigned.
Gord McCormick, Broker of Record
Oasis Realty Brokerage 613-435-4692 firstname.lastname@example.org