*REVISED* Ottawa Real Estate Statistics ~ March 2014 in Review

Ottawa Real Estate Statistics ~ March 2014 in Review
*Revised Stats were released by OREB April 11th.
As the snow melts O-Town real estate watchers hold their breath to see what the yearly busy season bring.  March’s numbers show a continuing decline in the sales numbers with all three months of Q1 posting a loss over 2013, while the average sales price has climbed each month over last year.
Q1 2014: 2648 Homes & condos sold
Q1 2013: 2683 Homes & condos sold
a 1.4% decline in the number of homes sold.
During the month of March 2014, members of the Ottawa Real Estate Board sold 1,189 residential properties,compared to 1,160 in March last year. An increase of 2.5% in the total number sold.It took an average of 49 days for a listing to sell last month which is an improvement over February, however now that we are tracking re-listings we know it took a cumulative 99 days for these properties to sell which is 8.8% longer than in February
Of these 1,189 sales, 944 were houses, and 245 were condominiums.

March’s average price for all properties sold was $358,741.  Up 0.3% from last year.
The average sales price for a freehold home sold last month was $386,553.  Up 0.2% over March 2013
Condominium average prices dropped 2% compared to last year, to $251,580.

2,906 New properties were listed for sale in March, bringing the total number of properties for sale up to 7,097 and increase of 11.4% over last year.

To read the full report with charts visit our website.
Do you have  Real Estate Questions? We would love to answer them.

UPDATED - March 2014 Statistics  Due to an input error when collecting our March statistical reports, the stats we previously released were found to be incorrect. This error caused us to under-report the number of units sold, consequently affecting the average sales prices. We have now rerun the reports and have provided you with the correct, updated statistics for the month of March 2014. We have put procedures in place to ensure that this will not happen again. We sincerely apologize for any inconvenience this may have caused.  Members of the Ottawa Real Estate Board sold 1,189 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,160 in March 2013, an increase of 2.5 per cent.  March's sales included 245 in the condominium property class, and 944 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.  The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,741, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,580, a decrease of two per cent over March 2013. The average sale price of a residential-class property was $386,553, an increase of 0.2 per cent over March 2013. 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.  The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
With the rising inventory levels and slight decline in sales numbers a lot of hope is being placed on “the spring market”.  Here’s what the Ottawa Real Estate Board has to say;
 

UPDATED – March 2014 Statistics

Due to an input error when collecting our March statistical reports, the stats we previously released were found to be incorrect. This error caused us to under-report the number of units sold, consequently affecting the average sales prices. We have now rerun the reports and have provided you with the correct, updated statistics for the month of March 2014. We have put procedures in place to ensure that this will not happen again. We sincerely apologize for any inconvenience this may have caused.

Members of the Ottawa Real Estate Board sold 1,189 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,160 in March 2013, an increase of 2.5 per cent.

March’s sales included 245 in the condominium property class, and 944 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,741, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,580, a decrease of two per cent over March 2013. The average sale price of a residential-class property was $386,553, an increase of 0.2 per cent over March 2013. 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.

The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

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One response to “*REVISED* Ottawa Real Estate Statistics ~ March 2014 in Review

  1. Pingback: Ottawa Real Estate Board revises it’s Q1 report. | Home Team Blog·

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