Market Update, September 2016
Another month with records broken for residential and condo units sold – 200 more units sold than the 5-year average for September sales.
Members of the Ottawa Real Estate Board sold 1,371 residential properties through the Board’s Multiple Listing Service® System, compared with 1,241 in September 2015 – an increase of 10.5%.
With fewer listings coming onto the market and recent higher unit sales, overall inventory is decreasing. We will watch with interest to see that happens with the basic economics of supply and demand at play.
The average sale price of a residential class property sold in September in the Ottawa area was $383,793 – a decrease of 0.1% over September 2015. The average sale price for a condominium class property was $252,136, a decrease of 2% over September 2015. The hottest segments in our market continue to be 2-storey and bungalow residential homes in the $300,000 – $400,000 range.
If you are thinking of buying or selling – or you know somebody who is, please give me a call. I would be delighted to help.
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From Kris' Blog
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