It’s the spring time once again (despite a couple unwelcome snowfalls last week :)) and the real estate market is on fire (again)!
Ottawa Sales Stats:
March was a busy month! Compared to March of 2017, March of 2018 saw home sales increase 12.3 per cent. Now that’s strictly sales volume (number of homes sold), but that’s a big month of sales for Ottawa.
Looking at average home prices, freehold homes prices increased 8% over the previous March of 2017, and condos increased only 0.7%. While these are only averages over 1 month, the numbers still show a fast-moving market. More info & data can be found on CREA here.
Not only are prices on the rise, but homes are selling quite quickly when they hit the market. The average ‘days on market’ has shortened substantially since last year. For any buyers out there, you’re probably experiencing this competitive market, with many listings going way over asking (some of these downtown properties are selling $50k to $100k over list!).
Some of the most high-demand areas right now are freehold homes near downtown. The number of homes selling over $1million is shooting up fast. Also, most freeholds in the suburbs are selling within a couple days as well. This doesn’t really come as a surprise considering the momentum that’s built up over the past year.
Market Info & Questions:
First off, I want to thank everyone who reads these blog posts (Yes, I’ve been writing these for many years now :)). Hopefully you find the content informative and helpful!
I want to ask if anyone has questions about anything real estate related. Please let me know if you have questions about: pricing in a certain neighborhood, smartest areas for investment, or the buying process, etc. I’d love the opportunity to provide some answers and guidance so you can make more informed decisions, so please don’t hesitate to ask me! 😀
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697
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