Average sale prices stable as Ottawa Remains a Buyer’s Market, July Real Estate numbers show
Ottawa’s Real Estate scene has been a buyer’s market in recent months, and that continued to be the story in July, the Ottawa Real Estate Board has reported.
In the press release posted on its website (www.oreb.ca) looking at Ottawa Real Estate sales for July of 2015, the Board says sales for July were stable, with no major fluctuations in average price or units sold.
The average sale price of a residential-class property sold in the Ottawa area in July was $394,889.
The Board also reports that “inventory levels remain high, meaning we continue to be in a buyer’s market.”
That means it could be a good time to buy if you have been considering entering the market. As my buyer clients have been delighted to see, there are lots of properties to choose from at the moment. If you’re a buyer, it means you can be more selective about the property you buy and the price you will pay than you could be if we happened to be in a seller’s market.
As I’ve been explaining to my seller clients, it also means that sellers in recent months have had to price their homes realistically, based on what similar units have sold for lately. When you are in competition for a buyer and you want to sell in reasonable length of time, you can’t ask for a price that’s not supported by recent sales figures.
David Oikle, President of the Real Estate Board, said in the release that in July “the average cumulative days on market increased slightly to 78 days,” compared to 74 for the properties that sold in June.
There was good news in the report in overall numbers and in a slight increase in condominium sales for July over the numbers for July of 2014.
Members of the Ottawa Real Estate Board sold 1,436 residential properties through the Board’s Multiple Listing Service system. That was just four units shy of the numbers for July of 2014, and slightly above the five-year average for July sales, which is 1,380.
“Last July was the second best on record, and this July was only four units short of that record, coming in well above the five-year average,” David Oikle says.
“Overall, the Ottawa resale market has been performing quite well, with no major fluctuations in units sold and average sale price.”
The sales in July included 271 in the condominium property class, and 1,165 in the residential property class. The Board defines “condominium property” as 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 refers to all other residential properties.
Condo sales were up by 10 units over the numbers for July of 2014.
“We are seeing a slight increase in condominium sales this month – a positive change,” says Oikle.
Looking at prices in July, the average sale price of a residential-class property sold in the Ottawa area was $394,889. That’s an increase of 4.5 per cent over July 2014. The average sale price for a condominium-class property was $255,102. That was a decrease of 2.6 per cent over the average sale price in July 2014.
As it always does when reporting on monthly average prices, the Board cautions that average sale price information for a given month “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.”
If you’re wondering about which sales ranges were most popular in July, the Board reports that properties priced in the $300,000 to $400,000 price range continued to have the highest concentration of properties sold. That was followed by properties in the $200,000 to $300,000 range and then the $400,000 to $500,000 range.
In terms of housing style that was most popular, “two-storey residential properties continue to have the highest concentration of buyers in Ottawa.”
Though not everyone is aware that Realtors also assist with property rentals, the Board reports that “OREB members assisted clients with renting 344 properties in July, and 1,829 since the beginning of the year.”
If you’re considering buying or selling, I’d be happy to chat with you and give you an idea of what you can expect in our current market. With 30 years of experience as a Realtor, I know how to help buyers take advantage of a buyer’s market and how to help sellers handle some of the challenges of being in a buyer’s market. You can reach me through my website, at www.nancybenson.com, or through my office at 613-788-2556.