Average Ottawa Home Price up 7.7 per cent over October, 2016

It’s been a strong year for Ottawa’s resale housing market, and the numbers from October of 2017 include even more good news, with an increase in units sold over the same time last year, continued strength in the condo market, and increases in average prices for both condos and residential units.

In a news release, the Ottawa Real Estate Board reports that the average sale price of a residential-class (non-condo) property in October in the Ottawa area was $425,256. That’s an increase of 7.7 per cent over the average in October of 2016.

The average sale price of a condominium-class property in October was $269,604, an increase of 6.7 per cent over the same month last year. The Board cautions, as it always does, that prices and conditions can vary from neighbourhood to neighbourhood, and that average prices for a specific month should not be used as an indicator that specific properties have increased or decreased in value.

In other positive news from October, the condo resale market continued the resurgence that we’ve seen over the past several months. In the number of units sold, the condo market has seen a year-to-date increase of 21.4 per cent over the same period last year, the Board reports.

The number of all properties sold in October was also up over October of last year. Members of the Ottawa Real Estate Board sold 1,243 residential properties through the Multiple Listing Service system. That included 982 in the residential property class and 261 condo units. That total is up from 1,214 properties sold in October of 2016. It’s also above the five-year average for October sales, which is 1,165.

In still more good news, the Real Estate Board reports that in comparison to the same time last year, properties are selling faster. The average number of days on the market for residential properties was down 17.7 per cent, from 55 days to 45 days.

The numbers from the month continue what has been a good year for our resale market.

Approaching the final months of 2017, “we continue to see the resale market outpace last year’s performance, which was also a stellar year,” says Rick Eisert, President of the Ottawa Real Estate Board, in the news release.

“Our market could still be described as balanced, though in some areas it continues to trend towards a sellers’ market.”

If you’re wondering about prices ranges in the Ottawa area, the Board reports that for residential-class properties, the most active price point in October was the $300,000 to $399,999 range, accounting for 33.3 per cent of the market. In the condo market, the most active price point for the month was between $175,000 and $249,999, accounting for 45.2 per cent of the condo market.

If you’re interested in buying or selling in the Ottawa area, I’d love to chat with you about the expertise I can offer, with more than 30 years as a realtor in our region. You can contact me via email nancy@nancybenson.com or give me a call at 613-747-4747.