Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board’s Multiple Listing Service® system, compared with 626 in January 2015, a decrease of four per cent. The five-year average for January sales is 618.
“The market momentum gained from the warmer weather in the latter part of 2015 has eased off with the arrival of typical winter weather in January,” says President of the Ottawa Real Estate Board, Shane Silva. “We are seeing a drop in the number of residential and condo properties listed this January over the year before. However, the number of properties listed almost doubled the amount listed in December – a normal occurrence at the beginning of the year as people begin to plan for the year ahead.”
January’s sales included 129 in the condominium property class, and 472 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.
“Residential unit sales this month were down, while condominium unit sales were up, over last year,” says Silva. “Residential two-storey and bungalow homes continue to have the highest concentration of buyers, with three-storey homes increasing in sales by over 50 per cent since this time last year. Two-storey condominium properties had a similar increase, showing the same amount of unit sales as one-level properties.”
The average sale price of a residential-class property sold in January in the Ottawa area was $386,839, an increase of 4.6 per cent over January 2015. The average sale price for a condominium-class property was $247,205, a decrease of 1.3 per cent over January 2015. 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.
“A possible explanation for the increase in residential average sale price this month over last year is that the amount of properties sold over $1 million doubled that of last year, with six properties sold this month,” notes Silva. “Nevertheless, the hottest segments of our market in January were sales in the $300,000 to $400,000 range, followed closely by the $200,000 to $300,000 range. In addition to residential and condominium sales, OREB members assisted clients with renting 200 properties in January.”
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.