From the blog...
Ottawa Market Update, May 2014
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. April was a bit slow for the Ottawa market but May sales are up 26.2 per cent from April – or 372 units. The inventory on hand continues to grow, and prices remain stable.
If we look at the residential property class alone, the units sold year over year are up 1.2 per cent. The market for condos, however, has been sluggish. 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. Let me know if a condo is what you are looking for and we can discuss the pros and cons and timing.
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.
Every area has slightly different market values. If you would like to know the value of your property – or if you are thinking of buying or selling, please do not hesitate to contact me. I am always available to take your call.
Chris