Laura Voicu Ottawa Real Estate
Laura Voicu Ottawa, ON
Phone: 613-590-3000 Mobile: 613-218-6298 Fax: 613-590-2969

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The April resale market in full bloom

Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.

"Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season," says David Oikle, President of the Ottawa Real Estate Board. "Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March."

April's sales included 258 in the condominium property class, and 1,312 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The average cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March," says Oikle. "Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May."

The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range," explains Oikle. "The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year."

 


FEBRUARY 2015 MARKET UPDATE


Resale buyers brave the February freeze

Members of the Ottawa Real Estate Board sold 853 residential properties in February through the Board's Multiple Listing Service® system, compared with 868 in February 2014, a decrease of 1.7 per cent. The five-year average for February sales is 914.

"Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year," says President of the Ottawa Real Estate Board, David Oikle. "Looking at residential properties alone, 13 more properties were sold this February over last February - a 1.9 per cent increase; while the condo market on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January and there are a total of 6,519 residential listings going into March - both telling signs that the spring market is fast approaching."

February's sales included 168 in the condominium property class, and 685 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $358,206, an increase of 1.3 per cent over February 2014. The average sale price for a condominium-class property was $267,880, an increase of 3.8 per cent over February 2014. The average sale price of a residential-class property was $380,358, a decrease of 0.3 per cent over February 2014. While average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value, because the average sale price is calculated based on the total dollar volume of all properties sold.

"The hottest segments of our market in February were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range and $400,000 to $500,000 range," says Oikle. "These price ranges continue to have the highest concentration of properties sold, while residential two-storey homes and bungalows continue to have the highest concentration of buyers. In addition to residential and condominium sales, OREB members assisted clients with renting 366 properties since the beginning of the year."