The Ottawa Real Estate market saw a record-breaking September for the number of re-sale properties sold, continuing a trend that has seen increased sales since April, the Ottawa Real Estate Board has reported.
The number of units listed for sale is also down from a year ago.
In a press release on the Board’s website, the Board announced its members sold 1,371 residential properties in September, representing an increase of 10.5 per cent over the 1,241 units that were sold in September of 2015. It’s also considerably above the five-year average for the month of September in the Ottawa market, which is 1,171.
The hot sales for September in Ottawa followed an August that also saw record-breaking sales for that month. Since April of 2016, as the Board has already reported, monthly sales in Ottawa have either been breaking records or outpacing last year’s numbers.
“Again this month, we have broken the record for residential and condominium units sold, with 200 more units sold than the five-year average for September sales,” Shane Silva, President of the Board, said in the release.
“With average sale prices remaining virtually unchanged since the beginning of the year, this could be an indication that prices have adjusted to market expectations and sales have rebounded as a result,” he added.
Breaking down the numbers, the sales in September included 269 properties in the condominium class and 1,102 in the residential property class. A condominium property refers to any property registered as a condominium, as well as properties that are co-operatives, life leases and timeshares. The residential property class refers to all other properties.
Shane Silva added that the number of units listed has continued to decline, with 1,822 residential properties listed in September, down from 2,076 listings in September of 2015. There were 588 condo properties listed in September, down from 637 in September of 2015.
“With fewer listings coming on to the market, combined with recent higher unit sales, overall inventory is declining,” he said. The basic economics of supply and demand at play will continue to have an impact on the Ottawa resale market.”
As for prices, average sale price of a residential class property in September was $383,793, representing a decrease of 0.1 per cent from the numbers in September, 2015. The average sale price of a condo property class in September was $252,136, representing a decrease of two per cent from the average price in September of 2015.
As it always does, the Board cautions that while “average sale price information can be useful in establishing trends over time,” they should not be used “as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.”
The Board reported that the largest number of properties sold in the Ottawa area in September were two-storey and bungalow residential homes in the price range of $300,000 to $400,000. That was followed by one-level and two-storey condos in the $200,000 to $300,000 range and the $100,000 to $200,000 range.
If you’re interested in buying or selling property in the Ottawa area, I have more than three decades of experience as a realtor in this community. I’d love to hear from you and chat about the Ottawa market. You can reach me directly at 613-747-4747.