The Ottawa Real Estate Market enjoyed sales that were above average for the month, the Ottawa Real Estate Board has reported.
Members of the Board sold 1,921 residential properties in May through the Multiple Listing Service. The five-year average for May sales is 1,864. The number of properties sold in May was only five properties shy of the number sold in May of 2015, the Board says.
The number of units sold in May were up 207 over sales in April, and the numbers increased in both the residential and condominium property class, says Shane Silva, President of the Real Estate Board.
“As the weather warmed, the Ottawa resale market continued its steady pace upwards, continuing an above average trend for the month of May,” he says.
Breaking down the numbers by property type, the May sales included 307 in the condominium property class, and 1,614 in the residential property class.
The Board defines condominium property as “any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), 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.
“Ottawa is riding a strong and steady spring market,” Shane Silva says.
“In May, 3,635 homes were listed, keeping pace with listing numbers in April, but down slightly by 4.4 % compared to May 2015.”
The Board reports that the number of monthly sales has been on a steady incline since the beginning of the year.
Looking at sales prices, the Board reports that the average sale price of a residential-class property sold in May in the Ottawa area was $406,063. That represents an increase of 0.6 % over the average price in May of 2015.
The average sale price for a condominium-class property was $264,801. That’s an increase of 1.5 % over the average price in May 2015.
Keep in mind, as 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.
If you’re wondering about the price ranges that were most popular in May, the Board reports that the largest numbers of properties sold were in the $300,000 to $400,000 range. That was followed by properties in the $400,000 to $500,000 range.
Looking at styles of homes sold in May, the Board reports that the highest concentration of buyers in May were for residential two-storey homes and bungalows.
If you’re interested in buying or selling, I’d love to chat with you and give you more details about the current Ottawa-area market. You can reach me through my website, at www.nancybenson.com, or give me a call at 613-747-4747.