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Market Update, July 2016

Posted on: August 10th, 2016 by Chris Scott

Summer resales sizzle in a hot July

The hot summer continues – both in weather and real estate!  Sales continue to outpace 2015 numbers in both monthly and year-to-date comparisons. Members of the Ottawa Real Estate Board sold 1,491 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,430 in July 2015, an increase of 4.3 per cent. The five-year average for July sales is 1,413.

Things have slowed down slightly from the record-breaking June numbers, but this is typical in the summer. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 per cent compared to July 2015.  At just over the mid-year mark for 2015, year-to-date sales volume is up by 5.3% over last year.

The average sale price of a residential-class property sold in July in the Ottawa area was $398,608, an increase of 1.1 per cent over July 2015. The average sale price for a condominium-class property was $259,794, an increase of 1.2 per cent over July 2015. The hottest segments in our market for July were two-storey and bungalow residential homes in the $300,000 to $400,000 price range.

Buying or Selling a home is likely one of the largest financial transactions you will do and should be handled by a professional Realtor®.  If you are thinking of buying or selling – or you know somebody who is planning to do so – please give me a call.  I’m happy to help.


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