November sales up slightly over last

Members of the Ottawa Real Estate Board sold 893
residential properties in November through the Board’s Multiple Listing Service┬«
system, compared with 888 in November 2013, an increase of 0.6 per cent. The
five-year average for November sales is 935.

“Sales have been remarkably
similar to last year overall, with units sold for the first eleven months of the
year at 13,291, just slightly above the year-to-date sales for 2013,” says Randy
Oickle, President of the Ottawa Real Estate Board. “Inventory levels are
starting to dip back down, which is normal for this time of year, and average
sales prices keep steady with last year. Overall, it has been a typical year so
far for the real estate market in Ottawa – steady and fluctuating between a
balanced and buyer’s market.”

November’s sales included 170 in the
condominium property class, and 723 in the residential property class.
“Properties have taken longer to sell, requiring most sellers
to be more patient with the market,” explains Oickle. “Resale condos are
slightly behind last year’s volume, likely caused by increased competition with
new condo developments. Although the market slows somewhat in December, Sellers
should note that many buyers for 2015 will begin their search over the holiday
period, statistically the highest property search period.”

The average sale price of residential properties, including condominiums, sold in November
in the Ottawa area was $356,900, an increase of 0.4 per cent over November 2013.
The average sale price for a condominium-class property was $250,425, a decrease
of three per cent over November 2013. The average sale price of a
residential-class property was $381,936, an increase of 0.7 per cent over
November 2013. 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 $300,000 to $349,999 price range had the highest concentration
of properties sold in November, followed by the $350,000 to $399,999 range.
There were 93 properties sold in the price range between $500,000 to $749,999,”
says Oickle. “The rental market continues to be hot in Ottawa, with
approximately 175 properties rented in November, and over 2,300 rented since the beginning of
the year.”