The unofficial MLS Results for February

Morris Home Team - The unofficial MLS Results for February

This MLS housing market in Ottawa has been active. We’ve noticed a continuing upbeat in confidence from buyers in recent months. This increased assuredness is partially caused by pent-up demand over the recent years, from recent job increases in the high-tech and public sectors and continuing low interest rates.  The unofficial MLS results for Ottawa illustrate the following:

February 2018 results compared to February 2017:

RESIDENTIAL MLS:Stats_Highlights_Feb_2018_shaded_background.JPG

  • Number of sales: decreased marginally by 6.1% to 729 sales down from 776 in February 2017;
  • Inventory: Total number of listings was 2,506. A drop of 26.6% from February 2017;
  • *Absorption Rate:  3.4 compared to 4.4 in February 2017;
  • Most popular sale price range remains between $300,000 and $500,000 representing 55.3% of the residential market.
  • Number of $1million plus homes sold: 11 out of 191 listings;
  • Percentage sold of all residential properties listed for sale in February 2018: 29%.

CONDOS MLS: 

  • Number of sales increased slightly by 7.3% to 250 condos sold compared to February 2017;
  • Inventory: Total number of condos for sale in February declined significantly to 869 compared to 1287 condo listings in February 2017;
  • *Absorption Rate: 3.5. This is a huge decrease compared to 5.5 in February 2017;
  • Most popular sale price range is between $150,000 and $300,000 representing more than 68.8% of the total condo market;
  • Number of $1million plus condos sold: 1 out of 15 condo listings;
  • Percentage sold of all condos listed for sale in February 2018: 29%. Up 18% compared to February 2017.

*ABSORPTION RATE (AR):  The Morris Home Team, as always, continues to keep a keen eye on key market indicators, such as absorption rates, which show the relationship between housing inventories and sales. Specifically, the absorption rate (the inventory/sales ratios) identifies how long it could take for all current listings to be absorbed in the market, i.e. how many months it would take to sell all listings if no new listings entered the market.

In the residential sector it would take 3.4 months to sell all the 2,506 listed properties. This is good news for the industry because it shows we have a healthier market compared to recent years. The condo segment witnessed a massive decline in the AR this February compared to February 2017. This is very good news for both housing sectors.