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May or May Not? Ottawa Real Estate Update

With the record sales in April, many were expecting May to be a fantastic month as it is traditionally one of the busiest in Ottawa.

May 2010 – Real Estate at a Glance from Orleans to Carp

  • Available properties – 3269
  • New listings in May – 1519
  • 1038 transactions – average days on market was 18 days – 482 were listed in May

May 2010 real estate market stats for Ottawa

Of the ones that sold the average list price was $365,347 and the average sale $360,898 – sale to list ratio of 98.8%

  • 61% of all the homes sold in May were between $200,000  to $400,000
  • 86% under $500,000
  • 11% between $500,000 and $700,000
  • 2.9 % of all buyers bought for over $700,000.
  • 6 sales over 1 million dollars – taking an average of 145 days to sell.

What This Ottawa Real Estate Market Data Means to You

Depending on where and in which price category you are looking at, it is important to be informed of the market conditions. Using the Ottawa area averages won’t help your neighbourhood specific search or sales.

Right now in Ottawa, a buyer’s market, balanced market and seller’s market currently exist. This means that there are multiple offers bidding wars, fair prices and bargains to be had within a 15 minute drive.

More than ever its important to have a team working for you to help you accomplish your real estate goals. If you’re ready to buy or sell in today’s Ottawa real estate market, give us a call at 613.238.2801.

Until next time,
Chris Coveny

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