Members of the Ottawa Real Estate Board sold 1,383 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,237 in October 2017, an increase of 11.8%. The five-year average for October sales is 1,223. Year-to-date average Days on Market (DOMs) are down 14% from 45 to 39 days for residential homes and down 24% from 68 to 51 days for condominiums.
Lack of supply continues to be a major factor. Our current active inventory is less than half of what it was in 2015/2016. Compared to this time last year, condo inventory is down 34.5% while residential inventory is down 17.5%.
The average sale price of a residential-class property sold in October in the Ottawa area was $449,005, an increase of 5.7% over October 2017. The average sale price for a condominium-class property was $271,350, a slight increase of 0.6% from this month last year.
Rental inventory is down 32% from this time last year. The City of Ottawa has approved a number of apartment condo projects which will offer opportunities for renters considering home ownership.
Every area is slightly different. I believe it is really important to have the assistance of an expert in real estate when you are buying or selling a home so I do hope you will call on me when the time comes. Referrals are also greatly appreciated!