Ottawa Real Estate Market Update: October sales comparative to five-year average

Members of the Ottawa Real Estate Board sold 1,090 residential properties in October through the Board's Multiple Listing Service® system, compared with 1,069 in October 2012, an increase of two per cent. The five-year average for October sales is 1,091. "Resale units sold in October are right on par compared to the five-year average," says Ansel Clarke, Past President of the Ottawa Real Estate Board. "This is a welcome change from the first half of 2013, where we saw continuous decreases, albeit small ones, in the number of units sold. We are also seeing average prices beginning to creep back up. The Ottawa market is proving, once again, to be a steady, balanced market." October's sales included 211 in the condominium property class, and 879 in the residential property class. The condominium property class includes 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. The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $360,085, an increase of 4.1 per cent over October 2012. The average sale price for a condominium-class property was $270,542, an increase of 1.6 per cent over October 2012. The average sale price of a residential-class property was $381,580, an increase of 3.5 per cent over October 2012. 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. "Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home. We do the homework so you don't have to." Visit wedothehomework.ca for more information on working with a REALTOR®. Courtesy of the Ottawa Real Estate Board