February 2019 sales limited but average prices surge

snow and cold did not deter February buyers

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:
Unit sales:
Residential sales were up 3.8% during the month and condo sales were flat compared to last year.
Average prices:
The average residential sale was up 8.6% to $466,540 and the average condo sale was up 5.6% to $288,354
Listing inventory:
Residential listing inventory is 20.1% below last year and condo listing inventory is 31% lower than last year.
New listings:
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 oasisrealty@rogers.com
text: 613-371-9691

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Gord McCormick

Brokerage owner and Broker of Record for 12 years, Senior Member/Principal Broker member of Ottawa real estate board and former VP sales. Long time Ottawan from the days that Elmvale Acres and Alta Vista were considered suburbs.

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