Condo sales dip below average, residential units remain

Members of the Ottawa Real Estate Board sold 1,594
residential properties in June through the Board’s Multiple Listing Service┬«
system, compared with 1,662 in June 2012, a decrease of 4.1 per
cent.

“June sales are down a bit since last month, but even though
there’s a slight decrease, it seems to be the norm throughout the years,” says
Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. “Since
June 2003, with the exception of June 2011, sales have consistently decreased
from May to June. This shows continued stability in the market over the last
decade.”

June’s sales included 314 in the condominium property class, and
1,280 in the residential property class. The condominium property class includes
any property, regardless of style (i.e. detached, semi-detached, apartment,
townhouse, etc.), which is registered as a condominium, as well as properties
which are co-operatives, life leases and timeshares. The residential property
class includes all other residential properties.

“The condo market has
dipped below average. The five-year average for June condo sales is 368 –
putting June in at 17 per cent lower than the average,” says Clarke. “Although,
when you look at residential units sold, without looking at condo sales, the
decrease from year to year is only one per cent. Inventory on hand had been
building up since the beginning of the year, but we’re now starting to see a
small decrease, which will bring the Ottawa market into an even more balanced
buyer/seller territory.”

The average sale price of residential
properties, including condominiums, sold in June in the Ottawa area was
$359,232, an increase of 1.9 per cent over June 2012. The average sale price for
a condominium-class property was $265,410, a decrease of 4.3 per cent over June
2012. The average sale price of a residential-class property was $382,248, an
increase of 2.2 per cent over June 2012. 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.

The Ottawa Real Estate Board is an industry
association of over 2,900 sales representatives and brokers in the Ottawa area.
Members of the Board are also members of the Canadian Real Estate Association.