The average sale price for Ottawa houses was up 7.4 % in April of 2019 and the average sale price for a condominium unit was up 14.3 % over the average prices in the same month in 2018, the Ottawa Real Estate Board has reported.
The Board has just released the sales numbers for April of 2019, a month which saw inventory continuing to be lower than usual, as has been the case for the past few months.
Still, the overall number of properties sold in our area in April was still slightly higher than in April of 2018. Members of the Board selling 2,032 residential properties in April through the Multiple Listing Service System, up from 2,024 properties in April of 2018. The five-year average for April sales is 1,825.
Of the units sold in April in Ottawa, 1,594 were in the residential-property class, which was on par with the same month last year, and 438 were in the condominium property class, an increase of 5.3 % over April of 2018.
For a few months now, inventory in the Ottawa market has been lower than the norm. That continued in April. The Board reports that residential inventory was down 18 % from April of 2018, and the condominium unit inventory was down by 40 % from April of last year.
“Despite this tight supply, the residential market is holding its own, and the increase in unit sales is effectively coming from the condo market, which until recently was in a surplus,” says Dwight Delahunt, President of the Ottawa Real Estate Board. In a statement.
The average sale price of a residential-class (non-condo) property sold in April of 2019 in the Ottawa area was $488,729. That was an increase of 7.4 % over the average sale price in April of last year.
The average sale price of a condominium unit in April was $307,659, an increase of 14.3 % over the average price in April of 2018.
Looking at price points, the Board reports that the most active price range in the residential-class market was the $350,000 to $499,999 range, representing 44 % of the transactions in April. Houses priced in the $500,000 to $749,999 range represented 28.5 % of properties sold in April, up from 23 to 25 % a year ago.
The most active price range in the condominium market was the $225,000 to $349,999 range, accounting for 46 % of the condo units sold in April, the Board reports.
As it always does, the Board cautions that while average sale prices in a specific month 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 calculation of the average price is based on the total dollar volume of all properties sold. As with any city, prices and conditions vary from neighbourhood to neighbourhood.
Although inventory was lower than usual, as it has been so far this spring, the good news for buyers was that the Board reports that only about a third of properties sold in April sold for higher than the asking price.
In comparison with Toronto and Vancouver, Ottawa has long been known for its affordable prices, and that has not changed.
“Ottawa is a stable and affordable market and has been since the 1940s. We are not in a bubble,” Dwight Delahunt says.
He notes that price points in our area “are still well under the Canadian average, and our residents tend to be in comfortable financial situations due to secure employment and a thriving local economy.”
If you’re considering buying or selling property in the Ottawa area, I’d love to meet and give you more details about the current Ottawa market and conditions in your own area of the city. I offer more than 30 years of experience as a Realtor in this region. You can see my current listings and read about the services we offer at www.nancybenson.com
Feel free to give me a call at 613-747-4747.