Kris Sherry's Blog

Market Update, August 2016

Posted on: September 10th, 2016 by Kris Sherry

This has been the best August on record EVER for Ottawa Real Estate Board members, blowing the average for August sales out of the water.  There were 1,484 residential properties sold in August through the Board’s Multiple Listing Service ® compared with 1,276 in August 2015 – an increase of 16.3%.  The five-year average for August sales is 1,265.

Units listed continue to decline suggesting that buyers will have fewer options when looking for a home or condominium to buy – we could be headed for a seller’s market.

Average sale prices have been steady all year.  The average sale price of a residential class property sold in August in the Ottawa area was $389,786 – an increase of 2.5% over August, 2015.  The average sale price for a condominium-class property was $272,166 – an increase of 11.1% over August, 2015.  Six more properties in the $1 million+ range were sold last month which could account for the bump in average sale prices.

Because each area is slightly different, it is best to consult a real estate expert if you are thinking of selling or buying.  I would be delighted to help.

Kris

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