Ottawa Real Estate Board President David Oikle announced that February 2014 home sales through the Board’s MLS system were down 3.7 percent compared to the same period last year. Total February sales amounted to 870 compared to 903 during the same month in 2013.
Ottawa Real Estate News for February 2014
“February sales are down slightly year-over-year, despite the less than favourable weather, and possible distraction of the Olympics. 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 sales, the market has picked up as we approach the busiest time of the year – 282 more homes were sold in February, over January” said Mr. Oikle.
The average selling price of 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 was $257,752, a decrease of 2.3 per cent over February 2013. The average sale price of 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 $275,000 to $400,000. This could be indicative of first-time homebuyers being active buyers. With an increased inventory of listings going into March, we could see this momentum transfer to other market segments as first-time sellers re-enter the market as buyers and help contribute to continued market stability” explains Mr. Oikle.
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