MLS sales were up in May 2015 by 7.7% over May 2014. There were 1926 residential homes sold! That's the best sales rate since May 2009!
Residential homes sold for an average price of $411,791. That's a big number and an increase of 2.6% over last year. If you are sitting on the fence thinking of waiting for prices to adjust downwards then it cost you $10,000 roughly in May. It's time to buy! We are just now hitting our stride in the spring market with with a good supply of non condos now selling within 72 days on average. Homes that are well presented and priced to the market are selling much faster and in some cases in bidding wars.
Condominium style homes are another matter. 342 sold in May at an average price of $266,940 which is down 4.9% over last year. Maybe that's because there are less higher priced new condos being sold in the shiny new buildings which skews the average price upwards. These are not truly resale. Maybe it;s the over supply currently available in many buildings around town. Either way there has not been a better time in several years to buy a condo for investment or to retire. Many gorgeous condos in well maintained buildings around town are priced below what they would have sold for 3 years ago. The time to buy is now.
Is the market in Ottawa good!