The spring market has arrived, along with warmer weather. This is great news for all that are active or considering to be active in Ottawa's Real Estate Market. In the month of April, members of the Ottawa Real Estate Board sold 1,570 residential properties through the Board's Multiple Listing Service® system. This was an increase of over 10% from April of 2014. The five-year average for sales in the month of April is 1,531.
An increase in the number of sales along with fewer days on the market to receive an offer, down to 74 days in April compared to 83 days in March, is creating more of a buzz in Ottawa! Despite remaining conditions of a Buyer's market, we are moving in the right direction for Ottawa's most active time of year in the Real Estate.
If you would like to know what your home is worth or would like to know if now is the right time for you to make a move, give me call, 613-286-2250 or visit my website www.century21.ca/russell.underhill
The April resale market in full bloom
"Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season," says David Oikle, President of the Ottawa Real Estate Board. "Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March."
April's sales included 258 in the condominium property class, and 1,312 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 cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March," says Oikle. "Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May."
The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 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.
"Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range," explains Oikle. "The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year."