The Ottawa Real Estate Board (OREB) has released its home sales statistics for the month of December, 2014, reporting that residential property sales increased 5.1% year-over-year. There were 640 residential properties sold across Ottawa last month, compared to 609 homes sold in December of the year before. The five-year average for the period is 637 home sales.
Average Sale Price for an Ottawa Home Up 1.5%
Of the homes sold in Ottawa this past December, 496 were in the residential property class and 144 were in the condominium property class. The condo class includes any property registered as a condominium, regardless of style, and includes timeshares, life leases, and co-operatives; the residential property class includes all other residential properties.
The average sale price for an Ottawa home was $345,449 in December, a year-over-year increase of 1.6%. While the average price for a residential class home decreased 0.7% to $367,286, condominiums saw an increase of 10.1% when compared to last December, with an average sale price of $270,236. Although average sale prices can provide an indication of overall market trends, it’s important to speak with a licensed sales representative to get a more accurate look at the real estate market in your specific Ottawa neighbourhood.
Number of Homes Sold in 2014 Rises 0.4%
The total number of homes sold in Ottawa last year was 13,928, a 0.4% increase over the 13,871 Ottawa homes sold in 2013. Condo sales saw a 7.2% decrease in 2014, while residential properties saw a 2.4% increase in homes sold when compared to 2013. The average sale price of a residential property, including condominiums, was $361,712 in 2014, a 1.2% increase over the year before.
The $300,000 to $349,999 price range saw the most concentrated amount of sales last year, with 18.8% of the total home sales for 2014. This range was followed by the $350,000 to $399,999 price range, which accounted for 12.5% of 2014’s total home sales. The third highest price range of properties sold last year was the $500,000 to $749,999 range with 11.6% of the total numbers of homes sold. According to the report from OREB, these three price ranges are similar to those that were seen in 2013.
Read the full report on the Ottawa Real Estate Board website, or contact us directly for more information. A trained and experienced Realtor® will be happy to answer any questions you might have about the real estate market in your area. We can also provide you with a no obligation market evaluation of your Ottawa property. If you’re thinking of buying or selling a home, be sure to check our our online guides for buyers and sellers, or subscribe to our blog to receive regular updates about the Ottawa real estate market.