The busy start to 2017 for local realtors continued last month as members of the Ottawa Real Estate Board set a seven-year record for home sales in the month of February, recently released figures show.
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OREB said 1,010 homes traded hands last month, which is part of the typically slower winter season. That’s up from 908 in February 2016 and the five-year average for February sales of 872.
“Numbers continue to indicate a positive trend for Ottawa as a whole,” said OREB president Rick Eisert in a statement.
February’s figures come on the heels of an 11.5 per cent year-over-year increase in January sales.
OREB said the inventory of homes on the market is down compared with last year, despite a 25 per cent increase over January 2017.
The average sale price in February was $417,374. That’s the second-highest monthly average on record, trailing just behind the all-time local high of $420,750 set in December, according to OREB figures.
Mr. Eisert said last month’s average resale price was skewed by a higher-than-normal number of high-end home sales, including 20 that closed for $1 million or more. By comparison only six homes sold for seven figures or more in February 2016, OREB said.