The Ottawa Real Estate Market generally remains stable with a slight increase in July sales and a slight decrease in average price – perhaps because lower priced properties continue to sell more quickly compared to unique or higher priced properties.
Members of the Ottawa Real Estate Board sold 1,366 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,321 in July 2011, an increase of 3.4 per cent. The five-year average for July sales is 1,360. The July sales include 304 condominiums and 1,062 in the residential property class.
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $337,518, a slight decrease of 1.2 per cent over July 2011. The average sale price for a condominium-class property was $265,903, a decrease of 1.7 per cent over July 2011. The average sale price of a residential-class property was $358,018, a decrease of 1.4 per cent over July 2011.
Each area is slightly different so if you are curious to know what your home is worth on today’s market, please give me a call.