The Ottawa Real Estate Board has released its monthly sales statistics for May 2014, reporting a 0.3% decrease in property sales over the same month last year, with five fewer sales last month than there were in May of 2013. Members of the Ottawa Real Estate Board sold 1,792 residential properties this past May, compared with 1,797 sold in May of last year.
President of the Board Randy Oickle noted that “April was a bit slow for the Ottawa market, but it appears that with the great weather in May, buyers have come out of hibernation.” When comparing May’s residential sales to the month of April 2014, sales have increased by 26.2%, or 372 units. Oickle adds that “inventory on hand continues to grow, and prices remain stable.”
In May there were 1,489 sales in the residential property class, and 303 sales in the condominium property class. The condo class includes all properties that are registered as condominiums, regardless of property type or style, while the residential class includes all other residential properties.
Oickle went on to say that when looking at the residential property class alone, units sold year over year are up 1.2%, and while “the residential property class is performing as anticipated, the market for condos has been a bit sluggish.” He added that while we are also seeing a 19% increase in the amount of inventory on hand over this time last year, unit sales for condominiums are down 7.1%.
The average sale price for a home sold in Ottawa in May was $381,172, which is a year-over-year increase of 3.2%. The average price for properties in the condominium class alone was $280,661, which is an increase of 6.9%, and the average price for residential class properties, excluding condos, increased by 2.1% to $401,626.
To read the full May sales statistics, please visit the Ottawa Real Estate Board website. Home buyers should always keep in mind that market trends and prices can vary depending on what property type and neighbourhood you’re interested in, so it’s important to speak with an experienced sales representative who can help answer your questions.
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