November 2009
Resale homes still riding high in Ottawa
Members of the Ottawa Real Estate Board sold 1,202 residential properties in October through the Board’s Multiple Listing Service® system compared with 964 in October 2008. This is an increase of 24.7 per cent.
“Once again we saw record-setting sales numbers for the month of October. This brings our sales year-to-date to four percentage points higher than the same period last year. Ottawa’s resale market has been buoyed by buyers taking advantage of low interest rates,” said Board President Rick Snell. “Listing inventory remains at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market here in the capital,” he added.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $318,655, an increase of 13.6 per cent per cent over October 2008. The average price for a condominium property was $232,046, an increase of 14.6 percent over October 2008. The average price for a residential property was $343,735, an increase of 13.3 per cent over October 2008.
With particular reference to residential homes, MLS statistics for October 2009 show a total of 932 sales of homes, an increase of 24.8 per cent from October 2008. October 2009’s average sale price was $343,745, an increase of 13.3 per cent over the previous October. These figures of course are averages for the entire city. If you would like more specific statistical information, I’ll be happy to provide it.
Normally we would expect that sales in November would slow as we head into winter but this year it’s just not the case. Interest rates are still attractive and the continuing low inventory suggests that this brisk market will continue for the foreseeable future. What a year it’s been so far! It’s still a great time to sell before the end of the year.
If you require additional information, whether or not you are considering selling, don’t hesitate to call me for an informal chat.