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Ottawa Market Update, July 2014

Posted on: August 10th, 2014 by Chris Scott

Second highest July sales on record

For those of you who like really hot weather, this has not been the best summer.  It has, however, been a good summer – at least so far – for real estate.  Members of the Ottawa Real Estate Board sold 1,445 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,336 in July 2013, an increase of 8.2 per cent. The five-year average for July is 1,317.

Sales from this past month are the second best on record for July, only comparable to the 1,578 sales in July 2009.  Strong sales in the past few months have brought year-to-date sales right on par with 2013. This year is shaping up to be another strong and stable year for the Ottawa market. This is surprising after the really slow first quarter of the Ottawa real estate market. There may be more sales this July but it does not mean it has been easier for sellers to sell. We still have more inventory available this year then in years past, especially on the condo side of things.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $356,735, a decrease of 0.8 per cent over July 2013. The average sale price for a condominium-class property was $261,663, a decrease of 5.3 per cent over July 2013. The average sale price of a residential-class property was $377,791, a decrease of 0.8 per cent over July 2013. The average sale price is down slightly since last year, partially because there were six fewer properties sold in the over $1 million range this July compared to July 2013.

If you have any questions about the Ottawa Real Estate market please do not hesitate to contact me. I am always happy to help!


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