Members of the Ottawa Real Estate Board sold 2,279 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,294 in May 2017, a decrease of 0.7 per cent. The five-year average for May sales is 2,041.
Although our overall inventory stock is down in both the residential and condo market, the number of listings coming onto the market this month is typical spring activity. Inventory is turning over quickly – a sign that Ottawa is a healthy real estate market.
The average sale price of a residential-class property sold in May in the Ottawa area was $464,401, an increase of 6.3 per cent over May 2017. The average sale price for a condominium-class property was $281,247, an increase of 3.4 per cent from May 2017. In the first five months of 2018, the value of a single-family home has increased about 8% and approximately 6.5% for condominiums. This price acceleration is encouraging news for homeowners who have now seen an average of 3% price growth per year for the last five years. With inventory still at a low level, especially in some neighbourhoods, there will continue to be upward pressure on home prices.
If you know of anyone buying or selling, please do give them my name. It is so important to work with an experienced Real Estate agent in this complex market. And referrals are important to the success of my business so please keep them coming!