February was a promissing month for the Ottawa Real Estate Market. Signs of good times ahead.
"Once again we're seeing sales numbers very close to the five-year average for February, which is 962 sales. It's important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa," said Board President Joanne Tibbles. "This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they're going after it, perhaps even going up against other bidders," Tibbles added.
The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.