Inventory increases, market balances in June

Members of the Ottawa Real Estate Board sold 1,615 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,897 in June 2009, a decrease of 14.9 per cent. Of those sales, 418 were in the condominium property class, while 1,194 were in the residential property class.

“For the first time in 2010, inventory increased year-over-year in June, by almost six per cent. The Ottawa housing market is now moving towards balance, rather than the sellers’ market we have been in for most of the past year,” said Board President Pierre de Varennes. “Sales last month were very close to the five-year average for June, so what we see here is a return to the stable, steady market conditions that Ottawa tends to experience. Home sale prices continued to grow at a healthy rate in June,” he added.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $326,572, an increase of 6.4 per cent over June 2009. The average sale price for a condominium-class property was $256,969, an increase of 8.3per cent over June 2009. The average sale price of a residential-class property was $350,878, an increase of 7.4 per cent over June 2009.

With particular reference to two storey condominium townhomes, MLS statistics for June 2010 show a total of 159 home sales – a decrease of 13.6 per cent from June 2009. June 2010’s average sale price was $220,396, an increase of 10.2 per cent over the previous June. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me. A balanced market is in the interests of both buyers and sellers and, making allowances for a seasonal slow-down at the height of summer, all indicators lead me to look forward to a brisk fall. 

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