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November resale market on a par with last year’s results

The snowy month of November brought with it a slower than average resale market in Ottawa. Members of the Ottawa Real Estate Board sold 891 residential properties in November through the Board’s Multiple Listing Service® system, compared with 928in November 2012, an increase of four per cent.  The five-year average for November sales is 939.

“The number of residential properties sold in November, excluding condos, was only down by five units compared with this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “Sales for the first eleven months of the year are at 13,267, just slightly below the year-to-date sales for 2012”

The average sale price of all residential properties, including condominiums, sold in November in the Ottawa area was $356,675, an increase of 1.9 per cent over November 2012. The average sale price for a condominium property was $258,118, no change from November 2012.

The average sale price for a residential property was $380,593, an increase of 1.2 per cent over November 2012.

Single level condominium apartments: November’s figures showed 87 sales for the month, compared with 98 in November 2012. The average price in November 2013 was $284,982, an increase of 5.6 per cent over the previous year’s November.

Two story condominium townhomes: November’s figures showed 71 sales for the month, compared with 87 in November 2012. The average price in November 2013 was $225,094, a decrease of 6.8 per cent over the previous year’s November.

“Keep in mind that market fluctuations do occur, and the Ottawa market remains in stable territory,” explains Lee. “It is important for buyers and sellers to talk to an Ottawa area REALTOR® for more information about the housing outlook in their neighbourhood, or the neighbourhood they want to live in. Ottawa continues to be a great place to buy and/or sell a home.”

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