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Condo sales dip below average; residential units remain steady

Members of the Ottawa Real Estate Board sold 1,594 residential properties, including condominiums, in June through the Board’s Multiple Listing Service® system, compared with 1,662 in June 2012, a decrease of 4.6 per cent.

“June sales are down a bit since last month, but even though there has been a slight decrease, it seems to be the norm throughout the years,” says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. “Since June 2003, with the exception of June 2011, sales have consistently decreased from May to June. This shows stability in the market over the last decade.” June’s sales included 314 condominiums and 1,280 residential properties. “The condo market has dipped below average. The five-year average for June condo sales is 368 – putting June in at 17 per cent lower than the average,” says Clarke. “Although, when you look at residential units sold, without looking at condo sales, the decrease from year to year is only one per cent. Inventory on hand had been building up since the beginning of the year, but we’re now starting to see a small decrease which will bring the Ottawa market into an even more balanced buyer/seller territory.”

The average sale price of all residential properties, including condominiums, sold in June in the Ottawa area was $359,232, an increase of 1.9 per cent over June 2012. The average sales price for a condominium property was $265,410, a decrease of 4.3 per cent from June 2012. The average sale price for a residential property was $382,248, an increase of 2.2 per cent over June 2012.

Single level condominium apartments: June’s figures showed 156 sales for the month, compared with 174 in June 2012. The average price in June 2013 was $292,323, a decrease of 6.3 per cent over the previous June.

Two story condominium townhomes: June’s figures showed 138 sales for the month, compared with 165 in June 2012. The average price in June 2013 was $233,562, a decrease of 1.9 per cent over the previous year’s June.

If you are looking to buy a condo, this is an amazing opportunity. Mortgage rates are still down and there is lots of inventory to choose from.

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