The Ottawa resale market remains steady and strong in May

Ottawa Real Estate Board News Release – June 2015

Members of the Ottawa Real Estate Board sold 1,926 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.

“The Ottawa housing market continued its strong performance in May, making it the best May for unit sales on record since 2009,” says David Oikle, President of the Ottawa Real Estate Board. “Units sold are up 357 since April, increasing in both the residential and condominium property class.”

May’s sales included 342 in the condominium property class, and 1,584 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 remains consistent at 72 days, compared to 74 last month,” says Oikle. “Properties are moving consistently and inventory remains plentiful; labelling the Ottawa market as a Buyers’ market and allowing for average sale prices to remain very stable.”

The average sale price of a residential-class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 per cent over May 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.

“The hottest segments of our market for May were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range and then the $400,000 to $500,000 range,” says Oikle. “Two -storey residential properties sold surpassed 1,000 units this month, continuing to have the highest concentration of buyers in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 279 properties in May, and 1,155 since the beginning of the year.”

Although home sales statistics and average sale prices are helpful tools in gauging the real estate market, be sure to give Chris a call or send him an e-mail for more detailed information on the market in your Ottawa neighbourhood. Whether you’re planning to sell a townhome in Orleans or you’re looking to move to one of the city’s top walking districts, the Ottawa Move Team can help you find out what your current home is worth and get you started on the search for your next dream home! Whatever your real estate needs may be, contact Chris and the Ottawa Move Team today.

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