Typical summer resale market in Ottawa
Ottawa, August 6, 2015 - Members of the Ottawa Real Estate Board sold 1,436 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,440 in July 2014, a decrease of 0.3 per cent. The five-year average for July sales is 1,380.
“Last July was the
second best on record, and this July was only four units short of that
record, coming in well above the five-year average,” says David Oikle,
President of the Ottawa Real Estate Board. “Overall, the Ottawa resale
market has been performing quite well with no major fluctuations in
units sold and average sale price.”
July’s sales
included 271 in the condominium property class, and 1,165 in the
residential property class. The condominium property class includes any
property, regardless of style (i.e. detached, semi-detached, apartment,
stacked etc.), which is registered as a condominium, as well as
properties which are co-operatives, life leases and timeshares. The
residential property class includes all other residential properties.
“We are seeing a
slight increase in condominium sales this month – a positive change,”
says Oikle. “The average cumulative days on market increased slightly to
78 days, compared to 74 last month. Inventory levels remain high,
meaning we continue to be in a Buyer’s market.”
The average sale
price of a residential-class property sold in July in the Ottawa area
was $394,889, an increase of 4.5 per cent over July 2014. The average
sale price for a condominium-class property was $255,102, a decrease of
2.6 per cent over July 2014. The Board cautions that average sale price
information can be useful in establishing trends over time but should
not be used as an indicator that specific properties have increased or
decreased in value. The average sale price is calculated based on the
total dollar volume of all properties sold.
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