Kris Sherry's Blog

Ottawa Market Update, Oct 2014

Posted on: November 6th, 2014 by Kris Sherry

As we head into winter and colder weather, the Ottawa Real Estate market seems to be keeping warm! Members of the Ottawa Real Estate Board sold 1,121 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The five-year average for October sales is 1,076.  The local residential listing inventory is up 12.5% from 2013, with 7,550 active listings at the end of October this year.  This has moved us into somewhat of a “Buyers’ Market”.

For the first time in a long while, the average sale price for residential and condo properties combined ($355,813), when compared year over year, has gone down by 1.2%.  Condo prices have gone up (+7.3% with an average sale price of $290,224) while residential properties have seen a decrease (-3.2% over Oct 2013, with an average sale price of $369.540).  Fifteen properties were sold in the over $1 million range, with six of these being condominiums.  This could explain the large increase in average sale price for condos this October compared to last.  Statistics can be misleading so you always have to look at the bigger picture.

Every area is, however, somewhat different.  If you are interested in knowing what your property might be worth on today’s market – or you are interested in buying or selling, please give me a call.  Information is always available!

Kris

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