The Ottawa re-sale market saw good news on several fronts for November of 2016, including condo sales that were up 16.2 % over November of last year and record-breaking year-to-date sales numbers for the number of all properties sold in our market, the Ottawa Real Estate Board has reported.
In terms of the number of all units sold, November of 2016 was typical for the month of November, with members of the Ottawa Real Estate Board selling 995 residential properties through the Multiple Listing Service System, up from 986 in November of 2015. The five-year average for November is 939, the Board says.
But the numbers for November helped the Ottawa market’s year-to-date sales surpass all previous year-end totals, the Board reported.
“This year has been an exceptional year for sales for Ottawa Real Estate Board members, and the year isn’t even over yet,” says Rick Eisert, the new Ottawa Real Estate Board President, in a press release.
With sales of condos for the month up from November of last year, Rick Eisert says “the condo market appears to be on the rise now, a welcome change compared to earlier in the year. Several factors could have contributed to this increase _ inventory levels trending downwards, steady prices, or buyers affected by the newly changed mortgage rules,” he said.
Breaking down the numbers, Ottawa’s re-sales in November included 230 in the condominium property class and 765 in the residential property class. The condo property class includes any property which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class refers to all other residential properties.
There was also good news in the average sale prices.
The Board reports the average sale price of a residential property class sold in Ottawa in November was $405,320, an increase of 6.5 % over November of 2015.
The average sale price of a condominium-class property was $277,650, representing an increase of one % over November of 2015.
The Board cautions that average sale price information can be useful in establishing trends over time but 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 in a given month. That means, of course, that if there were an unusually high number of properties sold at the high or low end of the Ottawa price range in a given month, the average price can be affected.
The Board reports that the most active price ranges in the Ottawa area in November were properties that sold in the $300,000 to $399,999 range, followed by properties in the $400,000 to $499,999 range. Sales in those price ranges accounted for 50.3 % of the Ottawa market.
The condo market was most active in the $150,000 to $249,999 price range. That range accounted for 55.2 % of the market, the Board says.
If you’re interested in buying or selling property, I’d love to hear from you and chat about the Ottawa market. You can reach me by calling me at 613-747-4747.