THE NUMBERS:
FEBRUARY AVG. SALE PRICES
Residential-class: $717,914
Condominium: $407,671
*Important to note that varied pricing and conditions in different neighbourhoods affect average sale prices
Looking back at the February housing market
March may have come in like a lion, but the market in February was as fierce as the lion itself. The total sales in the second month of 2021 exceeded the five-year average for total unit sales in February. More specifically, there were 1028 sales in the residential-property class, which is up 24% from exactly a year ago, and 362 in the condominium-property category, up 19%.
Being only two months in, it’s already clear that 2021 is keeping us on our toes. Despite the significantly lower inventory compared to last year—we’re talking 46% less—February 2021 still managed to have a record number of sales, which could only mean one thing: properties are selling so rapidly they don’t even have the chance to think about getting comfy on the market. The numbers back it up, with residential homes spending only a swift 14 Days on Market (DOM), compared to 30 in February 2020. As Debra Wright, President of the Ottawa Real Estate Board puts it, “resale properties are virtually flying off the shelves.” With the residential category taking the limelight, the condo market has stabilized. Spending 22 DOM—a slight increase from 19 in February 2020—didn’t stop the 19% increase in sales.
What’s up these days? Sale prices!
The butterfly effect of unbalanced supply and demand once again materialized through competitive buyers and increasing sale prices. Compared to February 2020, the Ottawa market saw a 27% increase in average sale price of residential properties and 17% increase for condos in February 2021. Thanks to this, the total sales volume last month was a whopping 54% higher than its predecessor a year ago. It’s expected that sale prices will only continue their upward trend.
Call in the cavalry!
The Ottawa Real Estate Board predicts that the upcoming spring market will bring more listings and increased inventory, but given the latest trends, likely still not enough to meet demand. Their recommendation to buyers and sellers? “Utilize the skills and experience of a realtor with negotiation skills and the market knowledge to act quickly on your behalf.” Call it serendipity, but we pride ourselves in having that experience, and are always happy to help! Shoot us an email at info@goodstory.ca!
