Market Update, August 2016
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.
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From Kris' Blog
Temperatures may be falling, but the Ottawa real estate market is thriving! Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3%. The five-year average for October sales is 1,165. Condominium sales are up 21.4% ...