The Ottawa resale market had a hotter than usual July, with the number of home and condo sales up substantially over the numbers in July of 2017 and average selling prices also up, the Ottawa Real Estate Board has reported.
In other positive news, the number of units on the market in both residential properties and condo units is improving, easing pressure on prices, the Board says. While overall inventory is still down, the number of properties in July was only 16 per cent below the inventory level in July of 2017. At the beginning of the year, inventory in the Ottawa market was down 24 per cent over the previous year.
Announcing sales numbers for July of 2018, the Ottawa Board says its members sold 1,614 residential properties through the Board’s Multiple Listing Service (MLS) system. That’s up 5.9 per cent over the 1,524 properties sold in July of 2017. It’s also above the five-year average for July sales in our area, which is 1,501.
The 1,614 sales in July included 1,238 in the residential (non-condo) property class (an increase of 3.6 per cent over July of last year) and 376 properties in the condominium class, up 14.3 per cent from a year ago.
“Ottawa’s condo market continues to positively impact overall residential sales trends, with year-to-date condo unit sales up 16.5 per cent from this time last year,” says Ralph Shaw, President of the Ottawa Real Estate Board, in a statement.
The average selling price in Ottawa for a residential-class property in July was $441,206. That’s an increase of 5 per cent over the average in July of 2017. The average sale price for a condominium unit in July was $280,526. That’s an increase of 5.3 per cent over the average a year ago, the Board reports.
As it usually does, the Board cautions that while average sale prices for 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. As with any city, prices and conditions in Ottawa can vary from neighbourhood to neighbourhood.
In the condominium market, the most active price point was the $175,000 to $274,999 range. Units in that range accounted for nearly 49 per cent of all condo units sold in July. The most active price point in the residential market was the $300,000 to $499,999 range, accounting for 45 per cent of sales. The $500,000 to $750,000 range represented nearly 20 per cent of residential home sales.
Ralph Shaw says “Ottawa’s healthy real estate market is a reflection of its strong economy, which is consistently firing on all four cylinders due to a secure employment base. It remains a competitive market,” he adds, and says in some Ottawa neighbourhoods, multiple offers are still the norm when a property is priced right.
If you’re interested in buying or selling property in the Ottawa area, I’d love to chat with you about the current market and the expertise I offer, with more than 30 years of experience as a Realtor in the Ottawa area. On my website, at nancybenson.com, you can read about the services my team and I offer, and you can see my current listings to get an idea of the sophisticated presentation we offer sellers. Feel free to give me a call at 613-747-4747.