According to the latest home sales statistics released by the Ottawa Real Estate Board (OREB), members of the board sold 893 homes during the month of November, a year-over-year increase of 0.6%. November of last year saw 888 homes sold in the Ottawa region, while the five-year-average for November home sales is 935.
Of the homes sold last month in Ottawa, 723 were in the residential property class and 170 were in the condominium property class, which includes any property registered as a condo, regardless of style. The condo class also includes life leases, timeshares, and co-operatives. The residential class includes all other residential properties. OREB President Randy Oickle noted that “sales have been remarkably similar to last year overall, with units sold for the first eleven months of the year at 13,291, just slightly above the year-to-date sales for 2013.”
Oickle added that inventory levels are beginning to decrease, which is normal for this time of year in the real estate market, and that average sale prices have remained steady with last year’s reports. Overall, he described Ottawa’s current market as steady, “fluctuating between a balanced and buyer’s market.”
Average Sale Price for an Ottawa Home Increases 0.4%
The average sale price for a home sold in Ottawa in November was $356,900, an increase of 0.4% over the same month of last year. For a condominium class property, the average sale price decreased 3% year-over-year to $250,425, while the average price for a residential class property was $381,936, an increase of 0.7% over last November. While the average price for an Ottawa home can be helpful in gauging overall market trends, it’s important to speak with a sales representative with experience in your particular neighbourhood for more accurate information about real estate in your area.
Properties have taken longer to sell with the arrival of cold winter temperatures, as is often the case at this time of year, requiring many sellers to be more patient with the market. However, with the holidays fast approaching, Oickle reminded sellers that “many buyers for 2015 will begin their search over the holiday period, statistically the highest property search period.” Despite the slower sales that are often seen towards the end of the year, the holiday season can also be an ideal time for those buyers and sellers looking forward to next year.
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Visit the OREB website to view the latest sales statistics, or contact us directly for more information. We’re happy to meet with you and provide a free, no obligation market evaluation of your home, or you can browse our extensive range of residential listings. For those interested in buying or selling a home in the coming months, be sure to check out our online guides for both buyers and sellers, or subscribe to our blog to receive the latest updates on the Ottawa real estate market.