Still a seller’s market in Ottawa; prices rise steadily

Members of the Ottawa Real Estate Board sold 1,149 residential properties in July through the Board’s Multiple Listing Service® system compared with 1,548 in July 2009, a decrease of 27.2 per cent. Of those sales, 294 were in the condominium property class, while 855 were in the residential property class.

“Last July saw a record high number of sales in Ottawa, which was the result of pent-up demand as the market came out of a downturn. What we see this year is a return to more seasonal sales volumes,” said Board President Pierre de Varennes. “The ratio of listed properties to sold properties indicates that Ottawa remained a seller’s market last month, and sale prices continued to rise at a steady pace, as they generally do in the national capital,” he added.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $321,827, an increase of 7.1 per cent over July 2009. The average sale price for a condominium-class property was $249,674, an increase of 15.2 per cent over July 2009. The average sale price of a residential-class property was $346,638, an increase of 7.1 per cent over July 2009.

With particular reference to 2 storey residential homes, MLS statistics for July 2010 show a total of 462 sales of homes – a decrease of 33.1 per cent from July 2009. July 2010’s average sale price was $373,833 an increase of 8.3 per cent over the previous July. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me. Data for other types of residential homes is also available.

Good news for sellers indeed. Volume may be down but prices have risen. Buyers are still attracted to the Ottawa market and are taking action quickly. There is always a market for well-priced listings and there is still an excellent opportunity awaiting anyone considering a sale.

If you require additional information, whether or not you are considering selling, don’t hesitate to call me for an informal chat.