The Ottawa Real Estate Board has released its monthly sales statistics for July, 2014, reporting 1,445 home sales across the city. This is an increase of 8.2% over the 1,335 sales recorded in the same month of 2013. The five-year average for Ottawa’s home sales in July is 1,317.
Despite a slow start to the spring market this year, OREB President Randy Oickle, noted that “strong sales in the past few months have brought year-to-date sales right on par with 2013.” Following increased activity in recent months, 2014 is “shaping up to be another strong and stable year for the Ottawa market.” Oickle went on to add that July’s property sales reached “the second best on record for July, only comparable to the 1,578 sales in July 2009.”
Of the 1,445 home sales in Ottawa this July, 1,183 were in the residential property class and 262 were in the condominium property class. The condo class includes any property registered as a condominium, regardless of style, including life leases, timeshares, and co-operatives, while the residential class includes all other residential properties.
First-Time Buyers Entering Ottawa Real Estate Market
The average sale price for all Ottawa properties in July, including condos, was $356,735, a decrease of 0.8% over July of last year, which can in part be attributed to the fact that six fewer properties in the over-$1 million range were sold this July than were sold in July 2013. The average sale price for a condominium class property was $261,663, a decrease of 5.3%, while the average sale price of a residential class property decreased 0.8% to $377,791.
Oickle went on to point out that homes that sold between $300,000 and $349,999 had the highest concentration of sales, followed by the $350,000 – $399,999 range and the $400,000 – $499,999 range, respectively, which is indicative of first-time buyers entering the market in an effort to take advantage of low interest rates. If you’re a first-time home buyer looking to begin your search for an Ottawa property, please feel free to contact us directly for real estate information tailored to your specific needs. If you’re thinking of selling your home in Ottawa, contact us today for a free market evaluation of your property.
Visit the Ottawa Real Estate Board website to view the full sales report, or browse our website for a sales representative who can provide you with additional market information. Buyers and sellers are also encouraged to read our comprehensive guides to buying and selling a home, particularly if you are beginning the process for the first time. You can also subscribe to our blog to receive up-to-date information about the latest real estate market trends in Ottawa and Eastern Ontario.
