Ottawa Market Update, July 2018
Members of the Ottawa Real Estate Board sold 1,614 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,524 in July 2017, an increase of 5.9 per cent. The five-year average for July sales is 1,501. Ottawa’s condo market continues to positively impact overall residential sales trends with year-to-date condo unit sales up 16.5 percent from this time last year. Inventory levels are improving which will help ease pressure on prices.
The average sale price of a residential-class property sold in July in the Ottawa area was $441,206, an increase of five per cent over July 2017. The average sale price for a condominium-class property was $280,526, an increase of 5.3 per cent from July 2017.
There has been a surge in unit sales in the rural areas, particularly the west end – driven by availability but also by such things as reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed.
Ottawa’s healthy real estate market is a reflection of its strong economy which is consistently firing on all four cylinders due to a secure employment base. It remains a competitive market, and multiple offers (when priced right) are still the norm in some neighbourhoods.
As I’ve said many times, every area/neighbourhood is slightly different and unique. If you are thinking of buying or selling, it is always a good idea to have somebody on your team (namely me) with experience in real estate. Please don’t hesitate to give me a call.
Kris
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