For the past 5 years, in December, the average sale of residential properties was 653. This is why this, December 2015 was a record breaking month as Ottawa Real Estate Board (OREB) members sold 703 properties, 543 of which were residential and 160 were condominiums. Not to mention the year end statistics showed a 5.4% increase in residential and condo sales since 2014.
This past year has been surprisingly steady for the Ottawa Real Estate market. We say surprisingly because 2015 started off with extremely cold weather yet it didn’t seem to slow home buyers. According to the OREB president, Shane Silva, the only month that there was a slight lull in the market was in July. According to Silva, this past year has been favourable towards buyers but has only recently levelled off.
The average days on market for the year were 86. However in December, the number climbed to 109. Sale prices in 2015 also climbed by 5.5% from the previous year, with an average sale price of $386,961 for a residential-class property. On the other hand, condominiums saw a decrease in average sale price from 2014 by 7.5% ($250,393).
As for rental properties, OREB members helped 181 clients find rentals in December, and a total of over 3,000 clients for the year.
It’s been a great year, and here’s to an even better 2016!
If you'd like more information regarding the OREB monthly statistics, don't hesistate to contact us!