The April resale market slow to
bloom
Members of the Ottawa Real Estate Board sold 1,420
residential properties in April through the Board's Multiple Listing Service®
system, compared with 1,569 in April 2013, a decrease of 9.5 per cent.
"There has been a decrease in units sold on a year-to-date comparison of
3.9 per cent, but the Ottawa market continues to remain relatively stable," says
Randy Oickle, President of the Ottawa Real Estate Board. "With typical 'spring'
weather beginning a lot later this year, it is not unexpected to see the market
have a later upswing than normal. That being said, properties sold in April were
on the market an average of 45 days, a few days less than what was indicated in
March."
April's sales included 257 in the condominium property class, and
1,163 in the residential property class. The condominium property class includes
any property, regardless of style (i.e. detached, semi-detached, apartment,
stacked 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.
"Sales have continued at a
steady pace upwards since the beginning of the year, with 233 more properties
switching hands in April over March. That's a 19.6 per cent increase since last
month," explains Oickle. "Average sale prices are on par with prices from a year
ago, even year-to-date price comparisons remain steady."
The average sale
price of residential properties, including condominiums, sold in April in the
Ottawa area was $374,015, an increase of 0.8 per cent over April 2013. The
average sale price for a condominium-class property was $258,500, a decrease of
three per cent over April 2013. The average sale price of a residential-class
property was $399,541, an increase of 0.9 per cent over April 2013. 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.
"The spring is a great
time to buy or sell real estate, especially with interest rates continuing to
remain low," says Oickle. "Talk to an Ottawa-area REALTOR® today for help with
buying and/or selling a home, and you will have an ally from start to finish,
and everything in between."
