Above-average home sales in August

Members of the Ottawa Real Estate Board sold 1,329 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,099 in August 2010, an increase of 20.9 per cent. The five-year average for August sales is 1,225.

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $337,372, an increase of 6.2 per cent over August 2010. The average sale price for a condominium-class property was $252,999, an increase of 3.1 per cent over August 2010. The average sale price of a residential-class property was $360,405, an increase of 6.3 per cent over August 2010.

“Through the summer, the resale housing market has picked up some momentum and made up for the quiet start to 2011: this year’s unit sales to date are now within a percentage point of the number of homes sold by this time last year. However, we are seeing that homes are taking slightly longer to sell than they did in July,” said Board President Joanne Tibbles. “Interest rates are still low, which continues to motivate both buyers and seller, but a more balanced market means more properties for a buyer to choose from, often leading to a longer selling time,” she added.

With particular reference to two-storey residential homes, MLS statistics for August 2011 show a total of 560 sales of homes while in August 2010 the total was 459. August 2011’s average sale price was $389,272, an increase of 8.3 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.

Labour Day is past and gone, the children are back at school and life returns to a more business-like pace. I am as busy as can be and am looking forward to an excellent fourth quarter of the year. After spring, early autumn is the time to buy or sell so don’t hesitate to grab the opportunity of being in the market when the action heats up.

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