Ottawa Home Sales Above Average in August

Members of the Ottawa Real Estate Board sold 1,329 residential properties in August through the Board’s Multiple Listing Service┬« system compared with 1,099 in August 2010, an increase of 20.9 per cent. The five-year average for August sales is 1,225. Of those sales, 285 were in the condominium property class, while 1,044 were in the residential property class.

“Through the summer, the resale housing market has picked up some momentum and made up for the quiet start to 2011; this year’s unit sales to date are now within a percentage point of the number of homes sold by this time last year. However, we are seeing that homes are taking slightly longer to sell than they did in July,” said Board President Joanne Tibbles. “Interest rates are still low, which continues to motivate many buyers and sellers, but a more balanced market means more properties for buyers to choose from, which often leads to a longer selling time,” she added.

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $337,372, an increase of 6.2 per cent over August 2010. The average sale price for a condominium-class property was $252,999, an increase of 3.1 per cent over August 2010. The average sale price of a residential-class property was $360,405, an increase of 6.3 per cent over August 2010.