Office: 165 Pretoria Avenue, Ottawa ON. K1S 1X1
Spring buyers have come out of hibernation
Members of the Ottawa Real Estate Board sold 1,792 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,797 in May 2013, a decrease of 0.3 per cent. The five year average for May is 1,765.
“Looking at the units sold this year in comparison to last, there is only a difference of five units. May was a bit slow for the Ottawa market, but it appears with the great weather in May, buyers have come out of hibernation,” explains Randy Oickle, President of the Ottawa Real Estate Board. “May sales are up 26.6 per cent from April – or 372 units. The inventory on hand continues to grow and prices remain stable.
If we look at residential properties alone, the units sold year over year are up 1.2 per cent. Although residential sales are performing as anticipated, the market for condos has been sluggish,” says Oickle. “We’re seeing a 19 per cent increase in the amount of inventory on hand over this time last year and unit sales are down 7.1 per cent. If you are looking to buy and hold, the selection and prices are attractive.”
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $381,172, an increase of 3.2 per cent over May 2013. The average sale price for a condominium-class property was $280,661, an increase of 6.9 per cent over May 2013. The average sale price of a residential-class property was $401,626, an increase of 2.1 per cent over May 2013.