Ottawa housing sales near average in September

Members of the Ottawa Real Estate Board sold 1,074 residential properties in September through the Board’s Multiple Listing Service® system compared with 1,218 in September 2009, a decrease of 11.8 per cent. Of those sales, 240 were in the condominium property class, while 834 were in the residential property class.

“After record-breaking sales in September of 2009, this year’s sales were closer to the five-year average for this time of year. Home prices continued to appreciate but not skyrocket, as they generally do in Ottawa. I would describe the current state of the housing market in our region as balanced, with a good supply of homes available for sale,” said Immediate Past President Rick Snell.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $324,745, an increase of 6.6 per cent over September 2009. The average sale price for a condominium-class property was $240,050, a decrease of 0.8 per cent over September 2009. The average sale price of a residential-class property was $349,117, an increase of 8.2per cent over September 2009.

With particular reference to 2 storey residential homes, MLS statistics for September 2010 show a total of 469 sales of homes – a decrease of 4.5 per cent from September 2009. September 2010’s average sale price was $363,763 an increase of 9.4 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. Data for other types of residential homes is also available.

The market is pretty well back to normal after the excitement of the first half of the year. The buyers are still looking to buy attractive, well-priced listings and with mortgage rates remaining affordable, the resale market will continue to flourish, albeit somewhat more slowly as we slide towards winter.

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