Ottawa real estate market moving up!

Members of the Ottawa Real Estate Board sold 1,661 residential properties in
June through the Board’s Multiple Listing Service® system, compared with 1,593
in June 2013, an increase of 4.3 per cent. The five-year average for June is
1,636.

“It is now very apparent that the long winter we experienced
delayed the start of the normally busy spring market,” explains David Oikle,
President-Elect of the Ottawa Real Estate Board. “As a result, we saw a higher
demand going into June, and more homes switching hands. We’ve had a good May and
June for residential sales, and average days on the market has held steady at 42
days.”

June’s sales included 316 in the condominium property class, and
1,345 in the residential property class. The condominium property class includes
any property, regardless of style (i.e. detached, semi-detached, apartment,
stacked 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.

“We’re also seeing that the
Ottawa market is doing well in comparison to the first six months of 2013,” says
Oikle. “With positive numbers in May and June, year-to-date units sold are now
only off by 106 units; while the average sale price has increased 1.5 per cent
over a year ago.”

The average sale price of residential properties,
including condominiums, sold in June in the Ottawa area was $364,264, an
increase of 1.4 per cent over June 2013. The average sale price for a
condominium-class property was $258,135, a decrease of 2.8 per cent over June
2013. The average sale price of a residential-class property was $389,198, an
increase of 1.8 per cent over June 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 average sale price is calculated based on the total dollar volume of
all properties sold.

“Currently the residential and condo unit inventory
on hand is just over 8,500, compared to approximately 7,500 last year,” explains
Oikle. “While this moderate increase of 13 per cent in the inventory of
residential and condo units has created more selection for buyers, and increased
competition for sellers, this is consistent with an active spring market. Other
properties such as rentals, commercial properties, lots, etc. make up the
balance of the inventory available, currently standing at approximately 2,500
units.”