Members of the Ottawa Real Estate Board sold 1,538 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,481 in August 2016, an increase of 3.8 per cent. The five-year average for August sales is 1,343.
Condo sales continue to strengthen the Ottawa resale market. In comparison to last year the number of condo units sold was up 22.1 per cent, whereas residential units have held steady.
Residential listings are selling almost 30 per cent faster than this time last year, and condo units are selling just over 10 per cent faster than last year. Inventory has continued in a steady downward trend.
The average sale price of a residential class property sold in August in the Ottawa area was $420,335, an increase of 7.6 per cent over August 2016. The average sale price for a condominium-class property was $270,768, a decrease of 0.4 per cent over August 2016.
Since each neighbourhood is slightly different, please do give me a call if you are thinking of buying or selling. Referrals are always welcome and appreciated!