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May market cools as the heat picks up

Members of the Ottawa Real Estate Board sold 1,804 residential properties, including condominiums, in May through the Board’s Multiple Listing Service® system, compared with 1,890 in May 2012, a decrease of 4.6 per cent.  The five year average for May sales is 1,802.

“The Ottawa market is still on par with average sales since 2009 and 233 more properties were sold than the month before,” says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board.  “Residential units are faring well in comparison to condominiums, where the average sale price is down 2.3 per cent and units sold are down 9.9 per cent. Residential bungalows and two-storey homes comprised the majority of properties sold in May.”

May’s sales included 326 condominiums and 1,478 residential properties. The average sale price of all residential properties, including condominiums, sold in May in the Ottawa area was $370,501, an increase of 2.1 per cent over May 2012. The average sales price for a condominium-class property was $262,467, a decrease of 2.3 per cent from May 2012. The average sale price for a residential property was $394,331, an increase of 2.3 per cent over May 2012.

Two storey condominium townhomes: May’s figures showed 145 sales for the month, compared with 160 in May 2012. The average price in May 2013 was $229,317, a decrease of 6.1 per cent over the previous year’s May. This makes townhomes an excellent choice for buyers.

There is a lot of choice on the market at present and with prices and mortgage rates remaining stable, we remain positive that the summer months will be active

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