Solid June for Homes Sales

Members of the Ottawa Real Estate Board sold 1,712 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,543 in June 2010, a decrease of 11 per cent. The five-year average for June sales is 1,695.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $353,560, an increase of 8 per cent over June 2010. The average sale price for a condominium-class property was $275,996, an increase of 9.6 per cent over June 2010. The average sale price of a residential-class property was $378,228, an increase of 6 per cent over June 2010.

“It is obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First time buyers are out in the market in a big way, due to continued low interest rates, and after last year’s HST-affected spring, we’re seeing a return to what the June resale market usually looks like,” said Board President Joanne Tibbles. “

With particular reference to two storey residential homes, MLS statistics for June 2011 show a total of 748 sales of homes while in June 2010 the total was 675. June 2011’s average sale price was $391,140, an increase of 4 per cent over the previous June. Please remember that these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

With satisfied buyers and sellers and on both sides, there appear to be no clouds on the horizon! I am optimistic for a continuing lively market over the summer.

Don’t hesitate to call me for an informal chat if you have any questions.