Extra day in leap year causes jump in sales for February
OTTAWA, March 3, 2016 - Members of the Ottawa Real Estate Board sold 911 residential properties in February through the Board's Multiple Listing Service® system, compared with 850 in February 2015, an increase of 7.2 percent. The five-year average for January sales is 908.
The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 percent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 percent from February 2015. 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.
"Although the weather was very unpredictable this month, with many highs and lows and several winter storms, the Ottawa resale market only saw activity pick up," says President of the Ottawa Real Estate Board, Shane Silva. "Residential and condo sales combined increased by 52.3 percent since last month. However, we need to factor in the leap year, which added an extra day to the month of February, and 46 sales on that day alone."