Residential property sales in Ottawa were up slightly in November and average sale prices are keeping steady with last year’s numbers, the Ottawa Real Estate Board has announced.
A news release posted on the board’s website (www.oreb.ca) says members of the Ottawa Real Estate Board sold 893 residential properties in November of 2014. That’s up from 888 in November of 2013, representing an increase of 0.6 per cent. The board says the five-year average for November sales is 935.
Ottawa Real Estate Board President Randy Oickle says that so far in 2014, members of the board have sold 13,291 units, which is “just slightly above the year-to-date sales for 2013.” Oickle says that overall, “it has been a typical year so far for the real estate market in Ottawa – steady and fluctuating between a balanced and a buyer’s market.
“Inventory levels are starting to dip back down, which is normal for this time of year, and average sale prices keep steady with last year.”
Oickle says sellers have had to be a little more patient with the market, as “properties have taken longer to sell.” Oickle also says that “resale condos are slightly behind last year’s volume, likely caused by increased competition with new condo developments.”
Looking at the number and kinds of properties sold, the board says November’s sales included 170 in the condominium class and 723 in the residential property class.
The term “condominium property class” refers to any property, regardless of style (for example detached, semi-detached, apartment, townhouse etc.), which is registered as a condominium, as well as properties that are co-operatives, life leases and timeshares. The board says “residential-property units” refers to all other residential properties.
Looking at the average prices for the units that sold in November, the board says that the average price of residential properties, including condominiums, sold in the Ottawa area in November was $356,900. That’s an increase of 0.4 per cent over November of 2013.
The average sale price of a residential-class property (not including condos) was $381,936, an increase of 0.7 per cent over November of 2013.
In the condominium-property class, the average sale price was $250,425, a decrease of three per cent from the average sale price in November of 2013.
When releasing figures for a given month, the Ottawa Real Estate Board cautions that while average sale price information can be useful in establishing trends over time, the figures “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.”
Taking a look at the price categories for the units that sold in November, the Ottawa Real Estate Board says the greatest number of properties were in the $300,000 to $349,999 range. That was followed by properties in the $350,000 to $399,999 range. The board says there were 93 properties sold in the price range between $500,000 and $749,999.
The board says that the housing market slows in December, but if you are currently selling a property, keep in mind that buyers who are planning to purchase a home in the new year often begin their searches over the holidays, which are statistically the highest property search period.
And don’t think that it’s impossible to sell a home over the holiday season itself. I sold my own condo a few years ago, on Christmas day!
If you’re considering buying or selling your property, you can reach me through my website at www.nancybenson.com or by calling 613-788-2556.