Better supply of properties for sale brings balance to housing market:

prices rise steadily

After an HST-influenced dip in sales in August, August saw a return to a more normal number of sales. Members of the Ottawa Real Estate Board sold 1,122 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,211 in August 2009, a decrease of 7.3 per cent. Of those sales, 266 were in the condominium property class, while 856 were in the residential property class.

“The number of sales year-to-date is slightly ahead of last year’s sales for the same period, and last year’s sales volume was the highest ever. This shows the stability of the Ottawa Real Estate Market,” said Immediate Past President Rick Snell. “The market is in a balanced position in relation to the number of homes for sales for sale and the demand for properties. This is a good market for both buyers and sells, I expect to see a normal fall market with longer selling times and stable prices” he added.

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $321,969, an increase of 2.1 per cent over August 2009. The average sale price for a condominium-class property was $262,999, an increase of 16.8 per cent over August 2009. The average sale price of a residential-class property was $340,294, an increase of 0.1 per cent over August 2009.

With particular reference to two storey condominium townhomes, MLS statistics for August 2010 show a total of 111 home sales – a decrease of 15.3 per cent from August 2009. August 2010’s average sale price was $210,096, an increase of 3.3 per cent over the previous August. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

So, good news for both buyers and sellers. Volumes are back to normal and prices have risen. More choice for buyers is a sign of a healthy market and the fall should be brisk.

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