October sales set a near record as market heads into buyer's
territory
Members of the Ottawa Real Estate Board sold 1,121
residential properties in October through the Board's Multiple Listing Service®
system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The
five-year average for October sales is 1,076.
"Sales from this past month
are the second best on record for October, only comparable to the 1,199 sales in
October 2009," explained Randy Oickle, President of the Ottawa Real Estate
Board. "Our residential listing inventory is up 12.5 per cent from 2013, with
7,550 active listings at the end of October this year. Year-to-date sales have
now slightly surpassed year-to-date numbers from last year, and we are up 0.2
per cent over 2013. Interestingly, although sales volume is slightly ahead of
last year - when we were in a balanced market - the higher listing volume this
year has moved us into a buyer's market."
October's sales included 194 in
the condominium property class, and 927 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 $355,813, a decrease of 1.2
per cent over October 2013. The average sale price for a condominium-class
property was $290,224, an increase of 7.3 per cent over October 2013. The
average sale price of a residential-class property was $369,540, a decrease of
3.2 per cent over October 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.
"Again this month, the $300,000 to $399,999 price
range continues to have the highest concentration of properties sold, followed
by the $500,000 to $749,999 range," says Oickle. "Fifteen properties were sold
in the over $1 million range, with six of these properties being condominiums.
No condos were sold in this price range last year, which is a possible
explanation for the large increase in average sale price for condos this October
compared to last."
In addition to residential and condominium sales, OREB
members have assisted clients with renting over 2,100 units so far this year.
OREB members also assist clients with the sale of building lots, businesses,
farms and recreational properties, and the leasing of commercial space.
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