Average sales for Ottawa in August
Another strong month for the Ottawa Real Estate market with house prices increasing and sales volume staying steady. There was a slight dip in the volume but that's not unusual as families prepare for back to school and fall activities in later August. Significant in the price increases was the increase in volume of homes in the upper mid range of prices. This is a trend that will be interesting to monitor for the next few months.
The report supports the belief that Real Estate in Ottawa continues to be an excellent investment while remaining relatively affordable when compared to other major Canadian cites.
Ottawa, September 4, 2014 - Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199.
“As usual, we are seeing a typical end-of-summer slowdown, especially in comparison to July’s record sales,” says Randy Oickle, President of the Ottawa Real Estate Board. “Although sales numbers are down slightly since last year, August’s sales are slightly higher than the five-year average, and continue to be on par with year-to-date sales compared to last year.”
August’s sales included 219 in the condominium property class, and 984 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.
“Units sold in the residential property class alone, excluding condos, are up four per cent year-over-year. And average sale price has increased for both the residential and condo class,” says Oickle. “If you are planning on buying or selling a home, we encourage you to consult one of our member REALTORS® to get in depth advice on prices in your neighbourhood.”
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $360,214, an increase of 3.4 per cent over August 2013. The average sale price for a condominium-class property was $263,996, an increase of 2.7 per cent over August 2013. The average sale price of a residential-class property was $381,628, an increase of 1.9 per cent over August 2013. 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.
“The $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range – the later range up by 27.4 per cent from last year,” explains Oickle. “This increase may possibly be the contributing factor in the average house price increases this month.”