Ottawa Soars Into Spring Market !

Looks like spring is off to a fabulous start Ottawa!

Members of the Ottawa Real Estate Board sold 1,499 residential properties in March through the Board's Multiple Listing Service® system compared with 1,161 in March 2009, an increase of 29.1 per cent.

Of those sales, 327 were in the condominium property class, while 1,172 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The spring market kicked off early and strong this year, possibly boosted by the unseasonably warm weather and absence of snow in March," said Board President Pierre de Varennes. "Inventory is still lower than at this time in 2009, but has begun to increase slightly in recent months," he added.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $329,767, an increase of 15 per cent over March 2009. The average sale price for a condominium-class property was $240,409, an increase of 15.1 per cent over March 2009. The average sale price of a residential-class property was $354,698, an increase of 15.1 per cent over March 2009. 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.

This is an amazing start for the 2010 Spring/Summer market. Sales will continue to grow in the next few months!

NOW is the time to buy or sell..

Your Real Estate Professional,

Mary-Anne

Source: The Ottawa Real Estate Board