Ottawa Market Update
For the first time this year, inventory increased year-over-year in the month of June and sales were close to the five-year average for June so what we are seeing is a return to the stable, steady market conditions that Ottawa tends to experience. Sale prices, though, continue to grow.
Members of the Ottawa Real Estate Board sold 1,615 residential properties in June through the Board’s MLS system compared with 1,897 in June 2009, a decrease of 14.9%. Of these sales, 418 were in the condominium property class, while 1,197 were in the residential property class.
The average price of residential properties, including condominiums, sold in June in the Ottawa area, was $326,572 an increase of 6.4% over June 2009. The average price for a condominium class property was $256,969 – up 8.3% over June 2009. The average price of a residential class property was $350,878 – up 7.4% over June, 2009. Each area, however, shows slightly different trends. If you would like to see what’s happening in your neighbourhood, contact me and I can send you the recent sales, average prices and any other additional information that you may wish to have.
Don’t hesitate to give me a shout if you have any questions relating to real estate!
Source: Ottawa Real Estate Board