Ottawa Market Update, April 2015
We had a long winter, and spring seemed awfully late in coming, but in spite of the cooler weather, buyers were out in full swing in April, propelling the Ottawa resale market into a busy spring selling season. Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.
Average cumulative days on market has improved in April, coming in at 74 days, compared to 83 in March. Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May.
The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. Higher end properties are starting to move which likely accounts for the residential average sale price entering the $400,000 range.
Every area is different. Please don’t hesitate to give me a call if you are thinking of buying or selling. I would be delighted to provide you with the benefit of my expertise.
Kris
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