Resale market becomes more balanced

Members of the Ottawa Real Estate Board sold 1,042 residential properties in October through the Board’s Multiple Listing Service® system compared with 1,197 in October 2009, a decrease of 12.9 per cent. Of those sales, 221 were in the condominium property class, while 821 were in the residential property class. Year to date, the number of properties sold has declined 2 per cent compared to the same period last year, a record-setting year.

“Six months ago we were in a strong sellers’ market. Now we have moved into a more balanced position,” said Immediate Past President Rick Snell. “Some properties are still receiving multiple offers but this is happening much less often than in the spring.”

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $340,719, an increase of 6.8 per cent over October 2009. The average sale price for a condominium-class property was $263,292, an increase of 13.4 per cent over October 2009. The average sale price of a residential-class property was $361,560, an increase of 5 per cent over October 2009.

With particular reference to single level condominium apartments, MLS statistics for October 2010 show a total of 115 sales of apartments – a decrease of 10.9 per cent from October 2009. October 2010’s average sale price was $296,633, an increase of 19.2 per cent over the previous October. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

As winter approaches it is normal to experience a seasonal slow-down but conditions remain good for a stable resale market in the foreseeable future.

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