Spring buyers have come out of
hibernationMembers 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 year, there is only a difference of five units. April was
a bit slow for the Ottawa market, but it appears that 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 26.2 per cent from April - or
372 units. The inventory on hand continues to grow, and prices remain
stable."
May's sales included 303 in the condominium property class, and
1,489 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.
"If we look at the residential
property class alone, the units sold year over year are up 1.2 per cent.
Although the residential property class is performing as anticipated, the market
for condos has been a bit 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. We encourage buyers to consult on of our member
REALTORS® to get advice customized to their specific needs."
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. 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 Ottawa Real Estate Board is an
industry association of over 3,000 sales representatives and brokers in the
Ottawa area. Members of the Board are also members of the Canadian Real Estate
Association.
