What’s the big news in Ottawa Real Estate?
During the month of March 2017, members of the Ottawa Real Estate Board sold 1,485 residential properties, compared to 1,160 in 2016, an increase of 28% in properties sold over the previous year.
Q1 2017 posted a 18.4% growth in sales, 3,156 vs 2,666 in Q1 2016.
It took an average of 82 days for a properties of all types to sell in March 2017 which is 6 days faster than the average in March 2016 and 8 shorter than the month before, Feb 2017.
Of these 1,485 sales, 1,171 were freehold houses, and 314 were condominiums.
In Q1 2017 freeholds saw a rise of 17.5% in sales from Q1 2016 to 2,490 and Condos saw a 22% increase to 666 over the first quarter of 2016.
The average sales price for a freehold house sold in March 2017, was $415,467 showing an increase of 5.3% over March 2016. While condominium average prices rose 5.3% from last year to $272,597.
Freehold housing prices rose 5.5% in Q1 2017 over the same period in 2016 while condo prices rose 7.2% for the same period.
2,919 new properties were listed for sale in March, bringing the total number of properties for sale to 5,968 a decrease of 18.4% from March of last year.
See the breakdown of the last 4 years by property class on our website HomeTeamOttawa.com