February Real Estate Statistics

By: Krista Mcfadden

February Real Estate Statistics

Tags: Ottawa Real Estate, OREB, Real Estate Statistics, OREA, CREA

In February, REALTORS sold 1,141 properties which was an increase of 13.9% from February 2019.
 
The average sale price of a residential property sold in February was $563,694. Which is an increase of 21.1% over February last year. 
 
The average sale price of a condominium sold in February was $349,813, which is an increase over last year by 21.3%. 
 
According to the 2020 President of the Ottawa Real Estate Board (OREB), Deborah Burgoyne;
 
“After a record-breaking 2019, January saw a minor dip in sales; however, February’s numbers suggest Ottawa’s resale market is heading back into overdrive. The average Days on Market (DOM) decreased to 30 days for residential properties, down 12% from last year and condos fell 58% to 19 DOM. Figures for median Days on Market bring those numbers down to 9 DOM (combined). As a matter of fact, in specific highly sought after neighbourhoods, sold signs are going up after only 1-2 days. These increases are a direct result of the sustained lack of inventory putting upward pressure on prices, and this trend is likely to persist until supply recovers and is bolstered with newly constructed units. Multiple offers have become commonplace in certain pockets of the city, and one of the Board’s statistical indicators shows that approximately 58% of properties are selling for over the asking price, compared to 32% of properties a year ago. With the first day of spring only weeks away, I suspect the frenzy of the spring market will be well upon us before the weather catches up. When there is limited inventory, it’s always a good time to sell, and the earlier you get on the market, the more you can differentiate your home. Be sure to entrust your home sale or purchase to an experienced professional.”
 
OREB Sales Representatives also helped clients rent  498 properties since the beginning of the year.