Another great month for real estate in the Ottawa area. Members of the Ottawa Real Estate Board sold 1,220 residential properties in September 2009 compared to 1,204 from last year. This is an increase of 1.3%. 948 residential properties were sold and 272 of those were condos.

“September was another record-breaking month for Ottawa resale home sales, capping off a very busy and active summer for Ottawa Real Estate Board members,” said Board President Rick Snell.

“Inventory levels rose from last month but remain lower than in September 2008, and that low supply coupled with continued strong demand for resale housing helped nudge selling prices higher,” he added.

The average price in Ottawa (residential and condos) was $304,789 an increase of 5.7% over the same period last year. The average price for a condo was $241,458 - an increase of 17.3%, yes that's right 17.3% increase over last year.

The average price of a residential property was $322,960 - an increase of 4.1% over last year.

When you look at these increases it is very encouraging for sellers. The average prices are going up. If you are a buyer, then in my opinion, now is the time to buy a home before the prices keep going up. Many people are thinking "Let's wait for Spring" Now is the time to buy or sell.

If you want more information on these stats or if you would like to discuss how these stats can affect you if you are buying a home or if you are selling your home, give me a call or you can always e-mail me at jeanricher@jeanricher.com