The Spring Market continues to bloom! Members of the Ottawa Real Estate Board sold 2,300 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,919 in May 2016, an increase of 19.9 per cent. The five-year average for May sales is 1,946. May 2017 was the best month EVER for unit sales, thanks in part to the condo market where sales have increased significantly.
Inventory levels are lower than normal and we are seeing more multiple offer situations and fewer days on market. Prices, however, remain relatively steady. The average sale price of a residential-class property sold in May in the Ottawa area was $436,625, an increase of 7.4 per cent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 per cent over May 2016. Higher end residential property sales have almost doubled over May 2016.
Since every area is slightly different, please give me a call if you are thinking of buying or selling. I can help! And - thank you for your referrals - they play a large role in the success of my business.