Strong summer performance for Ottawa's resale market
Ottawa, September 3, 2015 - Members of the Ottawa Real Estate Board sold 1,279 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,200 in August 2014, an increase of 6.6 per cent. The five-year average for August sales is 1,234.
“Ottawa Real Estate Board members had a busy August, with units sold coming in higher than the five-year average and a healthy increase from last year’s sales,” says David Oikle, President of the Ottawa Real Estate Board. “In addition to an increase in units sold, inventory levels of residential and condominium properties dropped by 5.3 per cent since last month, and cumulative days on the market was an average of 89 days.”
August’s sales included 259 in the condominium property class, and 1,020 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 a residential-class property sold in August in the Ottawa area was $379,946, a decrease of 0.1 per cent over August 2014. The average sale price for a condominium-class property was $244,801, a decrease of 7.3 per cent over August 2014. 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.
“It is important to note that the increase in units sold is for both residential and condominium properties,” says Oikle. “Also, we continue to see an increase in the number of condominium units sold in comparison to 2014, and the year-to-date condominium sales are now close to on par with last year.”
“The majority of buyers in Ottawa continue to buy properties in the $300,000 to $400,000 price range, closely followed by the $200,000 to $300,000 range,” says Oikle. “In addition to residential and condominium sales, OREB members assisted clients with renting 295 properties in August, and over 2,000 since the beginning of the year."