It was a strong February for Ottawa’s housing market and an excellent January for my team at Nancy Benson and Associates, I’m happy to report.
The Ottawa Real Estate Board has just announced strong sales numbers for February, and Keller Williams Canada has just released rankings for its Canadian offices for the month of January.
Thanks to the valued support of my clients, Nancy Benson and Associates ranked second among all Keller Williams teams across Canada calculated by total number of properties sold in January 2016. So” I owe a big thank-you to the support of my dedicated clients and the dedication of my great team for this great honour”.
OTTAWA REAL ESTATE IN FEBRUARY?
In a press release, the Ottawa Real Estate Board has announced that the extra day in February that we enjoyed because of leap year helped make a difference in sales figures for the month.
Members of the Ottawa Real Estate Board sold 911 residential properties in February through the Multiple Listing Service system. That’s up from 850 in February of 2015, representing an increase of 7.2 per cent. The five-year average for February sales is 908.
“Although the weather was very unpredictable this month, with many highs and lows and several winter storms, the Ottawa resale market only saw activity pick up,” says Shane Silva, President of the Ottawa Real Estate Board, in the press release.
“Residential and condo sales combined increased by 52.3 per cent since last month. However, we need to factor in the leap year, which added an extra day to the month of February, and 46 sales on that day alone.”
Looking at the types of properties sold, the sales for February included 199 in the condominium property class and 712 in the residential property class. A condo property is defined as any property, regardless of style, which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class refers to all other residential properties.
Inventory is also up since January, the board reported.
“In February, 2,312 homes were listed, up 26.6 per cent since January, and inventory on hand at the end of February rose by 10.7 per cent since January,” Shane Silva says.
“We’re starting to see more homes coming onto the market in preparation for the busy spring selling season. If you’re thinking of putting your home on the market, this is a great time to do so.”
As for sales prices in February, the average sale price of a residential-class property sold in February in the Ottawa area was $384,632. That’s an increase of 1.2 per cent over the averages in February 2015.
The average sale price for a condominium-class property sold in February was $249,727, a decrease of 6.8 per cent over February 2015.
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. So if an unusual number of properties at the higher or lower end of the price range were sold in a given month, the average price for that month can be affected.
As for the prices ranges that were most popular in February, the Real Estate Board reports that the highest concentration of properties sold continues to be in the $300,000 to $400,000 price range. That was followed by properties in the $200,000 to $300,000 range.
“These price ranges continue to have the highest concentration of properties sold – residential and condo – while two-storey, bungalow, and one-level condos have the highest concentration of buyers,” Shane Silva says.
Turning to the good news for my company, Nancy Benson and Associates: in a newsletter, Keller Williams Canada has just reported the latest rankings for its Canadian offices for sales during the month of January.
Nancy Benson and Associates has again made it to the list of Keller-Williams Canada’s top 25 teams, this time ranking in second place among all Canadian teams for the total number of properties sold in January.
My team also ranked highly for the total dollar volume of properties sold for that same period. For January, our team was in 15th spot among the top 25 Canadian teams within Keller Williams.
Keller-Williams Ottawa Realty is also getting off to a good start in 2016. Looking at the total number of properties sold and ranking the sales by all 707 Keller Williams market centres across North America, the Ottawa office was in 31st spot among North American market centres.
In terms of the total dollar volume of the properties sold, Keller Williams Ottawa was in 20th spot among the 707 North American offices.
If you’re considering buying or selling, I’d love to hear from you. I’d be happy to fill you in on the current Ottawa market. I specialize in unique homes in some of Ottawa’s established central neighbourhoods, and I bring 30 years of experience as a realtor.
As the president of the Ottawa Real Estate Board reminded us in the Real Estate Board’s release, the busy spring-summer season is coming, so it’s a good idea to get in touch with a realtor soon, particularly if you are thinking of selling in coming months.
You can reach me through my website, at www.nancybenson.com, or call me at 613-747-4747.