Members
of the Ottawa Real Estate Board sold 1,279 residential properties in
August through the Board’s Multiple Listing Service® System, compared
with 1,200 in August 2014, an increase of 6.6 per cent. The five-year average for August sales is 1,234.
“Ottawa Real Estate Board members had a busy
August, with units sold coming in higher than the five-year average and a
healthy increase from last year’s sales,” says David Oikle, President
of the Ottawa Real Estate Board. “In addition to an increase in units
sold, inventory levels of residential and condominium properties dropped
by 5.3 per cent since last month, and cumulative days on the market was
an average of 89 days.”
August’s sales included 259 in the condominium
property class, and 1,020 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.
The average sale price of a residential-class
property sold in August in the Ottawa area was $379,946, a decrease of
0.1 per cent over August 2014. The average sale price for a
condominium-class property was $244,801, a decrease of 7.3 per cent over
August 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.
“It is important to note that the increase in units
sold is for both residential and condominium properties,” says Oikle.
“Also, we continue to see an increase in the number of condominium units
sold in comparison to 2014, and the year-to-date condominium sales are
now close to on par with last year.”
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