Spring buyers have come out of hibernation
Members 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 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.”