The Ottawa Real Estate Board (OREB) has released its monthly sales statistics for October 2014, reporting that 1,121 residential properties were sold by OREB members throughout that month. Compared to 1,089 homes sold in October of 2013, this is a year-over-year increase of 2.9%. The five-year-average for October home sales is 1,076.
Higher Listing Volume Moves Ottawa into Buyer’s Market
Of the total homes sold in October, 927 were in the residential property class and 194 were in the condominium property class. The condo class includes any property that is registered as a condominium, regardless of style, and includes timeshares, co-operatives, and life leases. The residential property class includes all other residential properties.
According to OREB President Randy Oickle, October’s sales are the second best on record for the month, “only comparable to the 1,199 sales in October 2009”. Oickle went on to add that residential listing inventory increased 12.5 year-over-year, with 7,550 active listings throughout the Ottawa region at the end of October. Meanwhile, year-to-date sales have now surpassed the year-to-date numbers from this time in 2013. While sales volume is slightly ahead of last year’s balanced market, Oickle notes that “the higher listing volume this year has moved us into a buyer’s market”.
Average Sale Price for Ottawa Home Decreases 1.2%
The average sale price for an Ottawa home sold in October, including condominiums, was $355,813, a year-over-year decrease of 1.2%. The average sale price for a condo unit increased 7.3% over October of 2013, to $290,224, while the average sale price for a residential home in Ottawa was $369,540 this October, a decrease of 3.2% over the same month of last year.
While average prices can be helpful in establishing price trends over time, it’s important that you speak with a licensed sales representative for more detailed information. At Performance Realty, our trained and experienced sales representatives can help you determine accurate sales trends in the particular Ottawa neighbourhood where you’re looking to buy or sell a home.
If you’d like more information about the latest real estate sales statistics, please feel free to contact us directly to learn more. If you’re thinking of selling your home, we’re happy to provide you with a free, no obligation market evaluation to determine the value of your property. For those who are on the search for your next dream home in Ottawa, you can browse our current active listings, or search our website for a sales representative who can help you. You can also take a look at our comprehensive online guides for both buyers and sellers!
