THE NUMBERS:
MARCH AVG. SALE PRICES
Residential-class: $758,802
Condominium: $437,041
*Important to note that varied pricing and conditions in different neighbourhoods affect average sale prices
The “too long; didn’t read”:
- 2,285 properties were sold last month, a 51% increase from March 2020
- Residential-property class saw 1705 sales, Condo-property class saw 580 sales
- Almost 80% of resale properties were sold above asking
- Sale prices for residential properties up 35%, and condos up 18%
Recap on the March housing market
It would appear that warm weather not only has the power to lift spirits, but it also lifted the number of resales and new listings that came onto the market in March. A total of 2,285 properties were sold last month, which is a 51% increase from March 2020 and a big jump compared to the five year average of total unit sales in March, at 1,688. To break it down, the residential-property class category saw 1,705 sales, while the condominium-property class saw 580. This was a 47% and 65% increase respectively, from this time last year.
The market is walking on sunshine
Why such a high number of resales this March? The real estate business moves with the seasons! Last month, Ottawa was spoiled with some out-of-the-ordinary warm temperatures and nobody is complaining. There’s something about waking up to sunshine and warm weather that just makes a person feel more motivated, and this effect doesn’t shy away from buyers and sellers. So much so, that there was a significant increase in the number of new listings that came onto the market in March—a blessing for the buyers we know have been, and continue to be motivated.
In fact, with competing offers coming in left and right, property value has also escalated. In March 2021, almost 80% of the resale properties were sold above the asking price, compared to 60% the same time last year. However, it’d be remiss to not mention that at the same time, 6% sold at the listing price and 14% sold under. Regardless, this year, the sale prices for residential properties are up 35% and condos are up by 18%. The extended period of inventory shortage is the culprit for rapid price growth. But Ottawa isn’t alone in this, lack of stock is a nationwide issue, meaning it doesn’t look like housing prices in our city are going to stabilize anytime soon.
That being said, with high temperatures generating an increase in listings, the Ottawa Real Estate Board is hopeful that the trend will continue. Part of the consideration is that there may be supply held back by the pandemic, that could show itself soon. In the meantime, call us! Whether you’re a buyer or a seller, with our expertise, we can help you strategize and navigate the waters of this highly competitive and challenging market, so that you don’t have to go through it alone! Reach out to us at info@goodstory.ca.
