As we head into the last quarter of the year, it's hard to believe but the holiday season is just around the corner!
Members of the Ottawa Real Estate Board sold 1,387 residential properties in September through the Board’s Multiple Listing Service® System, compared to 1,365 in September 2016, an increase of 1.6%. The 5-year average for September sales is 1,250. Condo sales have continued to improve each month since February. The low inventory and the late summer weather have contributed to great sales numbers, but after a record-breaking spring and summer, there are indications that the 4th quarter will be a more typical selling season. Properties continue to sell faster in comparison to this time last year, and our market is still balanced, though trending toward a Sellers’ market.
The average sale price has increased gradually due to more homes selling in the $450+ range. The average sale price of a residential property sold in September in the Ottawa area was $416,464, an increase of 8.2% over September 2016. The average sale price for a condominium property was $261,548, an increase of 3.9% over September 2016.
Buyers and Sellers should talk to a REALTOR® for information about the housing market where they live, or want to live. Every area is different, so it is best to consult your friendly real estate expert - namely me - if you are thinking of buying or selling. I do appreciate your referrals, so please think of me if anyone you know is planning a move.