The Ottawa Market appears to be steady and consistent, based on year to date sales as of the end of November. See the infographic images below for a snapshot of the current housing market, including the year to date absorption rate along with further comments on the our current real estate market.
“Sales have been remarkably similar to last year, with 13,291 units sold in the first eleven months of the year, being just above the year-to-date sales for 2013,” says Randy Oickle, President of the Ottawa Real Estate Board. “Inventory levels are starting to dip back down, which is normal for this time of year, and average sales prices have kept steady with last year. Overall, it has been a typical year so far for the real estate market in Ottawa – steady and fluctuating between a balanced and a buyer’s market.”
November’s sales included 170 in the condominium property class, and 723 in the residential property class.
“Properties have taken longer to sell, requiring sellers to be more patient with the market,” explains Oickle. “Resale condos are slightly behind last year’s volume, likely caused by increased competition with new condo developments.”
The average sale price for a condominium-class property was $250,425, a decrease of three per cent over November 2013. The average sale price of a residential-class property was $381,936, an increase of 0.7 per cent over November 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 $300,000 to $349,999 price range had the highest concentration of properties sold in November, followed by the $350,000 to $399,999 range. There were 93 properties sold in the price range between $500,000 to $749,999,” says Oickle. “The rental market also continues to be hot in Ottawa, with approximately 175 properties rented in November, and over 2,300 rented since the beginning of the year. Ottawa Real Estate Board members can assist you with a variety of needs, whether you are looking to rent, or wanting to better understand the prices in your area.”