Ottawa Market – May 2017
The Spring Market continues to bloom! Members of the Ottawa Real Estate Board sold 2,300 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,919 in May 2016, an increase of 19.9 per cent. The five-year average for May sales is 1,946. May 2017 was the best month EVER for unit sales, thanks in part to the condo market where sales have increased significantly.
Inventory levels are lower than normal and we are seeing more multiple offer situations and fewer days on market. Prices, however, remain relatively steady. The average sale price of a residential-class property sold in May in the Ottawa area was $436,625, an increase of 7.4 per cent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 per cent over May 2016. Higher end residential property sales have almost doubled over May 2016.
Don’t forget that every area is different. If you are thinking of buying or selling, please do give me a call.
Thanks for your referrals – they contribute significantly to the success of my business.
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From Kris' Blog
What a year it was! The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2017 was 17,083 vs 15,526 in 2016, an increase of 10%. Residential sales volume was up 16% and the condo market up 22% increase in the number of units sold. Average 2017 residential sale price was $425,063, an increase of 6.8% over 2016, while the average condominium sale price was $269,903, an increase of 3.4% over 2016. For the month of December, members of the Ottawa Real Estate Board sold 771 residential properties through the Board’s Multiple Listing Service® System compared with 711 in December 2016, an increase of 8.4%. The 5-year average for December sales is 687.The average sale price of a residential class property sold in December was $434,098, an increase of 3.4% over December 2016. The average sale price for a condominium class property was $255,335, a decrease of 3% from December 2016. December saw an increase of 8.4% in the number of units sold in residential sales and 25% in condo sales. This could very well be attributed to the changes in the mortgage qualification rules implemented January 1, 2018. Since every area is different, if you are thinking of buying or selling, please do give me a call. And – don’t forget those referrals – they are a huge contribution to the success of my business. Kris...