There’s good news from the Ottawa Real Estate market in August, with sales numbers higher than August of 2014 and also better than the five-year average for the month.
Members of the Ottawa Real Estate Board sold 1,279 residential properties in August through the Multiple Listing Service system. That was up from 1,200 in August of 2014 _ an increase of 6.6 per cent, the Board says. The five-year average for August sales is 1,234.
Board President David Oikle says “in addition to an increase in units sold, inventory levels of residential and condominium properties dropped by 5.3 per cent since last month, and cumulative days on the market was an average of 89 days.”
The sales in August included 259 in the condominium property class and 1,020 in the residential property class.
The average sale price of a residential-class property in August was $379,946, a decrease of 0.1 per cent over August 2014. The average sale price for a condominium-class property was $244,801, a decrease of 7.3 per cent over the average in August 2014. The average sale price is calculated based on the total dollar volume of all properties sold. The numbers can be affected if an unusually large number of properties are sold in the upper or lower price ranges for that 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.
“It is important to note that the increase in units sold is for both residential and condominium properties,” says Oikle.
As for price ranges, the largest number of properties sold in August were in the $300,000 to $400,000 price range, closely followed by the $200,000 to $300,000 range.