There is good news to report on all sides from Ottawa’s resale housing market in April.
Sales numbers were up over last year; they were up over the five-year average for this time of year; they were up over March; and the average number of days on the market improved from the March numbers.
That’s according to figures posted on the Ottawa Real Estate Board’s website (www.oreb.ca).
In a press release, the Real Estate Board reports that its members sold 1,570 residential properties in April of 2015 through the Board’s Multiple Listing Service system.
That was up from 1,419 properties that sold in April of 2014 - an increase of 10.6 per cent. It is also above the five-year average for April, which is 1,531. And the numbers are well up over the sales from March.
“Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season,” David Oikle, President of the Ottawa Real Estate Board, says in the release. “Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March.”
Looking at the types of properties that sold, the April sales included 258 in the condominium property class and 1,312 in the residential property class.
The term “condominium property class” includes any property, regardless of style, that is registered as a condominium, as well as properties that are co-operatives, life leases and timeshares. The “residential property class” refers to all other residential properties.
The other good news in April’s numbers was that the average cumulative days on the market has improved, from 83 days in March down to 74 days in April.
“Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May,” David Oikle says.
As for prices in April, the average sale price of a residential-class property was $403,239. That’s an increase of 0.9 per cent over April of 2014.
The average sale price for a condominium-class property was $265,371. That’s an increase of 2.7 per cent over April of 2014.
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 in a given month.
David Oikle says that a possible explanation why the residential average sale price entered the $400,000 range is that “several price ranges this month saw significant increases in units sold. The $400,000 to $450,000 range saw an increase of 37.3 per cent, while the $500,000 to $750,000 range saw a 25.4 per cent increase.”
Looking at property types, the Board reports that two-storey and bungalow residential properties continued to be the top selling property types in April.
In addition to residential and condominium sales, the Board reports that its members assisted clients with renting 283 properties in April, and 876 since the beginning of the year.
If you’re interested in buying or selling during the busy spring-summer season, I’ve love to hear from you. You can reach me through my website (www.nancybenson.com) or by calling my office at 613-788-2556.