According to the latest sales statistics report released by the Ottawa Real Estate Board (OREB), home sales across the city increased 6.8% year-over-year in January, with 627 residential properties sold in Ottawa. This is compared to the 587 residential homes sold during the same period of 2014; the five-year average for January sales is 633.
David Oickle, President of the Board, added that “residential two-storey and bungalow properties had the highest concentration of buyers” in January, noting that last month’s sales were “right on par with the January average”.
Sale Price for an Ottawa Home Sees Slight Increase
Of the total number of homes sold in January, 513 were in the residential property class and 114 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 class includes all other residential properties.
Residential and condominium properties sold in January saw an average sale price of $348,617, an increase of 0.5% over January of last year. The average sale price for a condo decreased 5.8% year-over-year, to $250,406, while the average price for a residential property increased 0.5% to $370,442, a 0.5% increase over January 2014.
Anticipation of a Busy Spring Real Estate Market
Oickle went on to add that Ottawa is gearing up towards the busy spring market, reporting that “the number of residential and condo properties listed in January (2,018) more than doubled the amount of newly listed properties from December”. He added that a month-over-month increase in listings is typical for the beginning of the year as home sellers prepare for spring’s real estate market.
Looking ahead towards the rest of the year, Oickle explained that “the possibility of interest rates approaching record lows will provide even more opportunity for homebuyers”, contributing to an expectation of continued stability for the Ottawa real estate market in 2015.
If you’re considering purchasing an Ottawa property, take a look at our online Guide for Buyers or contact an experienced local sales representative for more information. For those thinking of selling their home in the coming months, we’re happy to provide a free, no obligation market evaluation of your property, or you can read our online Guide for Sellers.
Read the full report on the OREB website, or contact us directly for additional information. You can also find more information about the Ottawa real estate market on our website, or browse our current listings to find your next dream home!