Smooth sailing for home sales in September

Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board’s Multiple Listing Service® system compared with 1,071in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $335,785, an increase of 3.4 per cent over September 2010. The average sale price for a condominium-class property was $254,864, an increase of 5.9 per cent over September 2010. The average sale price of a residential-class property was $360,334, an increase of 3.2 per cent over September 2010.

“Not much has changed in the Ottawa resale housing market since last month. Sales remain slightly above average, prices continue to appreciate at a moderate rate, and homes are taking about the same amount of time to sell,” said Board President Joanne Tibbles. “The stability and affordability, coupled with low interest rates, is still appealing for investors and for home buyers who want to make Ottawa the best place to call home,” she added.

With particular reference to two-storey residential homes, MLS statistics for September 2011 show a total of 521 sales of homes while in September 2010 the total was 469. September 2011’s average sale price was $376,843, an increase of 3.8 per cent over the previous September. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

As fall inevitably slides towards winter, we can expect a seasonal relaxation in the market. I personally am still busy and optimistic and suggest that anyone looking to buy before the end of the year should take action before the listing inventory drops.

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