Ottawa’s housing sales for June of 2015 were up slightly over the same month last year and were also slightly above the five-year average for June, the Ottawa Real Estate Board has reported.
In a press release on the board’s website (www.oreb.ca), the board also reported that sales in the Ottawa market for the first half of 2015 are up 4.9 per cent over the numbers in the first half of 2014. Properties that sold in June had been on the market for an average of 74 days, the board reports.
In June, members of the board sold a total of 1,694 properties through the Multiple Llisting Service system. That was up from 1,657 that sold in June of 2014, representing an increase of 2.2 per cent. The board says the five-year average for June sales is 1,664.
David Oikle, president of the Real Estate Board, says that the average sale price in the Ottawa area “continues to be steady for the first half of the year. The Ottawa market is performing very well month-over-month and year-to-date compared to last year,” he says in the release.
Looking at the prices of residential properties that sold in June, the average sale price for the month was $404,254 _ an increase of 4.1 per cent over the numbers for June of 2014.
For condominium-class properties, the average sale price in June was $271,415. That’s an increase of 5.1 per cent over the numbers for June of 2014.
Keep in mind that these are average prices for the month, calculated based on the total dollar volume of all properties sold. These averages, naturally, are affected by the number of properties sold at the higher and lower price points in a given month. As the Board cautions, “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. “
David Oikle says “inventory levels at the end of the month remain healthy and on par with May levels, with the average cumulative days on the market keeping steady at 74 days. Properties continue to move consistently, and we look forward to this continuing into the second half of the year.”
The sales in June included 274 in the condominium property class, and 1,420 in the residential property class. The board says “condominium property class” includes any property, regardless of style, 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.
Of the properties that sold in June, the Board says the highest concentration of units sold for the month were in the $300,000 to $400,000 price range.
With a large number of properties currently on the Ottawa market, it’s a great time to buy, as we are in the midst of a buyers’ market. There is a lot of inventory to choose from, and if you’ve been considering entering the market, it would be a great time to make that move. Whether you’re considering buying or selling, I’d be happy to chat and tell you more about the current market conditions.
You can reach me through my website, and also check my current listings, at www.nancybenson.com. You can also contact me through my office, at 613-788-2556.