The Ottawa Real Estate Board has released its monthly sales statistics for the month of April, 2014, reporting a 1.1% decrease in home sales compared to the same month in 2013. Members of OREB sold 1,203 homes in the month of August, and while property sales decreased slightly over last year, August’s sales remain above the five-year average of 1,199 home sales for that period.
Summer Slowdown Typical for Ottawa Home Sales
Randy Oickle, President of the Ottawa Real Estate Board, noted that “we are seeing a typical end-of-summer slowdown, especially in comparison to July’s record sales.” It’s not unusual for real estate sales to decline in the later summer months and heading into the fall. Oickle adds that despite the decrease in sales over last year, home sales in Ottawa “continue to be on par with year-to-date sales compared to last year.”
August’s sales included 219 in the condominium property class, which includes any Ottawa property that is registered as a condominium, regardless of style. This class includes timeshares, life leases, and co-operatives. The residential property class, which includes all other residential properties in Ottawa, saw 984 sales during the month of August, an increase of 4% year-over-year.
Average Sales Price Increases 3.4%
The average sale price were up across the city as well, to $360,214 for both property types, an increase of 3.4%. For condos in Ottawa, the average sale price increased 2.7% year-over-year to $263,996, while the average sale price for a residential-class property rose 1.9% to $381,628. While the average sale price for homes across the city can provide insight to market trends across Ottawa, be sure to find a sales representative with experience in your neighbourhood to get more specific details about sales in your area.
As was seen last month, the highest concentration of Ottawa home sales continues to be within the $300,000 to $399,999 range. This was followed in August by the $500,000 to $749,999 price range, which Oickle notes “may possibly be the contributing factor in the average house price increases this month.”
Find Out More About the Ottawa Real Estate Market
To read the full sales statistics report, please visit the Ottawa Real Estate Board website. For more information on buying or selling a home in Ottawa, please contact us directly or take a look at our comprehensive online guides for buyers and sellers. If you’re thinking of selling a home, a Performance Realty sales representative would be happy to provide you with a free, no-obligation market evaluation of your home. For those who are considering buying your next property, be sure to browse our hundreds of active listings! You can also subscribe to our blog to receive regular updates about the Ottawa real estate market, as well as plenty of tips for home buyers and sellers across the city.