The numbers are in for Ottawa’s resale real estate market in May, and I’m happy to share good news on multiple fronts.
Average selling prices were up by 6. 4 % from May of 2018 for residential homes, while condominium unit prices were up 5.8 %, the Ottawa Real Estate Board reports.
As well, the number of properties sold was up 6.7 %, and properties were selling faster than they did a year ago, the Board says.
Members of the Ottawa Real Estate Board sold 2,423 residential properties in May of 2019 through the Board’s Multiple Listing Service system. That’s up 6.7 % from the numbers sold in May of 2018, and it’s also above the five-year average for May sales in our region, which is 2,167.
Condominium units saw the biggest increase in sales volume from May of 2018, with a 14.2 % increase in the number of condo properties sold. The number of residential-class properties sold was up 4.6 %.
The 1,869 residential-class properties sold marked a 4.6 % increase over the numbers sold in May of last year, the Board says.
Inventory on the Ottawa market remained lower than usual in May, as it has been for a few months.
“Despite the continuous freefall of inventory levels, we still have higher sales volume than this time last year,” says Dwight Delahunt, President of the Ottawa Real Estate Board.
Properties in May in our region sold faster than they did in May of 2018. Condominium properties sold in an average of 31 days (down from 46 days a year ago), and residential-class properties on average sold in 28 days, down from 34 days in May of 2018.
“Condo sales are bolstering the resale market, up 14 % from a year ago, and are providing an excellent opportunity for those buyers wishing to enter the market or who are ready to downsize,” Dwight Delahunt says.
The average sale price for a condominium-class property in May in the Ottawa area was $297,731. That’s up 5.8 % over the average a year ago. The average sale price of a residential-class property in May was $493,691. That’s an increase of 6.4 % from the average in May of 2018.
Year-to-date prices, meanwhile, show a 6.6 % and 7.9 % increase in average prices for residential and condominiums respectively, the Board says.
“Home prices are steadily increasing at a reasonable rate, and the fact that they are not spiking confirms that our market is healthy and sustainable,” Dwight Delahunt says.
And in good news for buyers, although some homes in our city’s more popular neighbourhoods saw multiple offers and bidding wars, 62 % of the properties sold in May sold at the asking price or below.
The most active price point for residential-class properties in the Ottawa market in May was for homes in the $350,000 to $499,999 range, representing 42 % of transactions. The next most active range, at 28 %, was for homes priced from $500,000 to $749,999.
On the condo market, the most active price range was for units priced from $225,000 to $349,999. That range represented 57 % of the units sold in May in our region. The average prices for the condo and residential-class market in our city offered another reminder of how affordable the Ottawa market remains, compared with average prices in Toronto and Vancouver.
The Ottawa Real Estate Board cautions that the average sale price in our region for a given month 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. As with any city, prices and conditions of the real estate market in Ottawa vary from area to area.
If you’re interested in buying or selling property in the Ottawa area, I’d love to chat with you and tell you more about the current market and conditions in your own neighbourhood. With more than 30 years of experience as a Realtor, specializing in Ottawa’s established central neighbourhoods, I know our city well.
Lets chat about the market, call me at 613-747-4747.