Home Buying

March Ottawa Home Sales Were Steady, Data Indicates

Home Buying 16The latest market data for the Ottawa real estate market is in and it appears to be quite favorable for home sellers.

Evidently, although there was a slow start to the spring home buying season in the area, it failed to stall home sales during the month of March, according to data released by the Ottawa Real Estate Board.

In fact, new home sales increased 4.4 per cent over March 2014, to 365, the recent report indicated.

That increase also happened to be up 21.9 per cent from February.

And that wasn’t the only good news revealed in the report. Continue reading to learn more!

The 411 On the Ottawa Real Estate Market

Here’s an overview of the most recent data collected from the local housing market here in Ottawa:

  • Home sales in March were just slightly higher than expected, given the extreme winter weather.
  • Although sales were still low when compared to the 10-year average, they are still tracking higher than the previous year.
  • Meanwhile, sales for townhomes and condo apartments continue to improve, signaling that more first-time home buyers are entering the housing market.
  • Resale home sales saw a two-per-cent increase over March 2014 to 1,208 homes sold, or more than 40-per-cent higher than February sales.
  • March resale sales included 228 condominiums (averaging $251,666) and 980 other homes (averaging $387,141).
  • For both condominiums and other homes sold in March, the average price is unchanged from March 2014.
  • Housing starts were slightly down in March: They were at 4,600 units in March compared to 5,175 units in February.

We’ll Help You Realize Your Ottawa Real Estate Dream

We hope you found the above information as insightful as we did here on the Ottawa real estate market. Things are definitely looking up, especially for local home sellers!

If you’re interested in buying or selling property anytime soon in the Ottawa area, we invite you to contact us, Geoff & Bobbie McGowan.

We would love to offer you assistance by answering all of your questions and also providing you with some valuable real estate tools.

Until next time,

Bobbie

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