Members of the Ottawa Real Estate Board sold 2,070 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,163 in June 2017, a decrease of 4.3 per cent. The five-year average for June sales is 1,914.
Condo unit sales have led the way – likely due to lack of inventory in the lower price points of the single family resale market and an increase in the price of new builds. Buyers are turning towards condominium units as a way of achieving ownership at a price they can afford. The oversupply in our condo market that once was an issue is now helping to ease our overall inventory shortage.
Inventory is turning over more quickly. Days on Market (DOM) has decreased by 18% for residential homes and by 27% for condos. Boomers would happily list their homes if the right kind of property was available to them - It obviously doesn’t appear to be a downtown condo apartment.
The average sale price of a residential class property sold in June in the Ottawa area was $449,200, an increase of 3.4 per cent over June 2017. The average sale price for a condominium-class property was $293,303, an increase of 1.2 per cent from June 2017.
Ottawa’s real estate market continues to move forward at a reasonable pace. Undoubtedly, inventory remains low, but our property prices continue to be stable and affordable. We are very fortunate not to be experiencing the volatility of other markets in our country.
Since every area is slightly different, please give me a call if you are thinking of buying or selling. I would love to help.