Ottawa housing market remains in balance

Members of the Ottawa Real Estate Board sold 1,659 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,686 in May 2010, a decrease of 1.6 per cent.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $352,347, an increase of 5.6 per cent over May 2010. The average sale price for a condominium-class property was $261,871, an increase of 6.4 per cent over May 2010. The average sale price of a residential-class property was $378,228, an increase of 6 per cent over May 2010.

“Sales numbers for May were virtually unchanged from 2010 but prices continued to rise at about the same rate as we have seen for the past few months, demonstrating solid demand for resale housing in our area,” said Board President Joanne Tibbles. “A balanced market offers no distinct advantage to either buyers or sellers, so I’d advise anyone thinking of buying or selling to work with a local realtor REALTOR® to help them achieve their goals. There are difference strategies for marketing a home or making an offer to purchase in a balanced market versus a buyer’s or seller’s market. An Ottawa REALTOR® can help make the process easier for consumers,” Tibbles added.

 With particular reference to single level condominium apartments, MLS statistics for May 2011 show a total of 169 sales of apartments while in May 2010 the total was 173. May 2011’s average sale price was $295,066, an increase of 13.6 per cent over the previous May. Of course these figures are averages for the entire city. 

If you would like more specific statistical information, just call me. Working in a balanced market is a less frantic experience for both buyers and sellers. Time to ponder and consider one’s decisions thoroughly leads to satisfactory deals for all concerned. 

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