2009 a record year for resale home sales, despite slow start

Members of the Ottawa Real Estate Board sold 689 residential properties in December through the Board’s Multiple Listing Service® system compared with 643 in December 2008. This is an increase of 47.5 per cent. This brings the total number of residential properties sold through the Board’s Multiple Listing Service® in 2009 to 14,742, up 7.4 per cent from 2008 and setting a new record. The previous record of 14,565 sales was set in 2007. The average price for all of 2009 was $303,888, an increase of 4.9 per cent over 2008.

“Ottawa’s housing market felt the chill of the global financial crisis last winter but sales warmed up even before the spring weather arrived and over the course of the year Ottawa had five record-breaking months of sales. Listing inventory was at a low level throughout 2009, which led to many multiple-offer situations,” said Board President Pierre de Varennes. “Ottawa’s housing market bounced back very strongly from its brief downturn and we ended the year ahead of the previous annual sales record, which certainly no one expected back in January,” he added.

The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $307,807, an increase of 13.1 per cent per cent over December 2008. The average price for a condominium property was $246,062, an increase of 17.9 percent over December 2008. The average price for a residential property was $330,471, an increase of 12.8 per cent over December 2008.

With particular reference to residential homes, MLS statistics for December 2009 show a total of 504 sales – an increase of 43.2 per cent from December 2008. December 2009’s average sale price was $330,471, an increase of 12.8 per cent over the previous December. These figures of course are averages for the entire city.  If you would like more specific statistical information, I’ll be happy to provide it.

January heralds the start of a brand new market and I believe that as long as mortgage rates remain stable the current conditions will prevail. It is to be hoped that the extremely low levels of listings will increase and create a more balanced situation for both buyers and sellers.