March Market Has a Spring in its Step

Ottawa, April 10, 2007: Members of the Ottawa Real Estate Board sold 1,306 homes in March through the Board's Multiple Listing Service® system, compared with 1,032 in February 2007. There were 1,318 sales in March 2006.
“The traditionally brisk spring market got off to a great start in March, with the number of days a property spent on the market down significantly from February, coupled with an increase in inventory in the residential property class. More people are selling, and consumers are buying those homes more quickly,” said Board President Diane Hatfield.
“Also, in the first quarter of 2007 alone there was a 5.3 per cent increase in the total number of homes sold, putting the Ottawa housing market on track for continued growth over the course of the year,” Hatfield added.
The average price of the homes sold in March through the MLS® system in the Ottawa area was $273,898, an increase of 7.6 per cent over March 2006. The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of 2,230 REALTORS® in the Ottawa
area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board's internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board's weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.