Above-average home sales in August
Ottawa, September 6, 2011 - Members of the Ottawa Real Estate Board sold 1,329 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,099 in August 2010, an increase of 20.9 per cent. The five-year average for August sales is 1,225.
Of those sales, 285 were in the condominium property class, while 1,044 were 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.
“Through the summer, the resale housing market has picked up some momentum and made up for the quiet start to 2011; this year’s unit sales to date are now within a percentage point of the number of homes sold by this time last year. However, we are seeing that homes are taking slightly longer to sell than they did in July,” said Board President Joanne Tibbles. “Interest rates are still low, which continues to motivate many buyers and sellers, but a more balanced market means more properties for buyers to choose from, which often leads to a longer selling time,” she added.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $337,372, an increase of 6.2 per cent over August 2010. The average sale price for a condominium-class property was $252,999, an increase of 3.1 per cent over August 2010. The average sale price of a residential-class property was $360,405, an increase of 6.3 per cent over August 2010. 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 Ottawa Real Estate Board is an industry association of 2,700 sales representatives and brokers in the Ottawa area, and in 2011 is celebrating 90 years of service to its members. Members of the Board are also members of the Canadian Real Estate Association.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca.
This column was prepared by the Ottawa Real Estate Board and first appeared on the OREB website on September 6th, 2011