Healthy market in November: new Board President

Members of the Ottawa Real Estate Board sold 942 residential properties in November through the Board’s Multiple Listing Service® system compared with 913 in November 2009, an increase of 3.2 per cent. Of those sales, 221 were in the condominium property class, while 721 were in the residential property class.

“Both the residential and condo classes showed slightly higher sales than last year, selling prices increased at nearly the same rate, and the number of properties available for sale rose as well. These are all good indicators that Ottawa’s housing market is healthy and stable, and that buyers and sellers are confident that home purchase in our city is a wise investment,” said Immediate Past President Pierre de Varennes. He went on to congratulate newly elected Board President Joanne Tibbles.

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $324,218, an increase of 3.4 per cent over November 2009. The average sale price for a condominium-class property was $265,704, an increase of 17.4 per cent over November 2009. The average sale price of a residential-class property was $342,154, an increase of 0.6 per cent over November 2009.

With particular reference to single level condominium apartments, MLS statistics for November 2010 show a total of 123 sales of apartments – an increase of 20.6 per cent from November 2009. November 2010’s average sale price was $291,724, an increase of 15.7 per cent over the previous November. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

With winter now making itself felt and the Christmas season fast approaching, we can expect slower sales and the market will relax somewhat. January may be another story entirely. The spring market doesn’t wait for the crocuses so we will be prepared for an early take-off!

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