The statistics as published by the Ottawa Real Estate Board this month were in keeping with my thoughts that this year has certainly been different to "our normal" market. I think the late departure of winter has affected a lot more than just the crops - hopefully this bodes well for a great fall as the interest rates continue to be at best ever rates.
Second highest July sales on record
Ottawa, August 7, 2014 - Members of the Ottawa Real Estate Board sold 1,445 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,336 in July 2013, an increase of 8.2 per cent. The five-year average for July is 1,317.
“Sales from this past month are the second best on record for July, only comparable to the 1,578 sales in July 2009,” indicated Randy Oickle, President of the Ottawa Real Estate Board. “Also, strong sales in the past few months have brought year-to-date sales right on par with 2013. This year is shaping up to be another strong and stable year for the Ottawa market, despite the lackluster sales in the first few months of 2014.”
July’s sales included 262 in the condominium property class, and 1,183 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 residential properties, including condominiums, sold in July in the Ottawa area was $356,735, a decrease of 0.8 per cent over July 2013. The average sale price for a condominium-class property was $261,663, a decrease of 5.3 per cent over July 2013. The average sale price of a residential-class property was $377,791, a decrease of 0.8 per cent over July 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 average sale price is down slightly since last year, partially because there were six fewer properties sold in the over $1 million range this July compared to July 2013,” says Oickle. “The price range of $300,000 to $349,999 had the highest concentration of properties sold, followed by $350,000 to $399,999 range, then the $400,000 to $449,999 range. These numbers are indicative of first-time homebuyers still coming into the market, taking advantage of the continuing low interest rates. Buying or selling is always a very personal decision and we encourage consumers to contact one of our member REALTORS® for professional advice.”
The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.