According to the latest news release from the Ottawa Real Estate Board, the high numbers of property sales that the Ottawa real estate market experienced all summer long is continuing into the fall. Month after month, all summer long, both residential and condominium unit sales broke historical records in Ottawa. This trend stands true throughout the first month of fall as well; two-storey and bungalow residential homes represented the hottest market segments in September, with price tags ranging from $300,000-$400,000.
September Highlights
- Residential Properties sold in Ottawa: 1,371
- Increase in residential properties sold in Ottawa relative to September 2015:5%
- Condominium property class sales in Ottawa: 269
- Residential property class sales in Ottawa: 1,102
- Average sale price of a residential class property in Ottawa: $383,793
- Average sale price of a condominium class property in Ottawa: $252,136
While both residential and condominium property sales in Ottawa increased this September compared to September 2015, there is a notable decline in the number of units that were listed on the Board’s Multiple Listing Service System. Shane Silva, President of the Ottawa Real Estate Board concludes that “with fewer listings coming on to the market, combined with recent higher unit sales, overall inventory is declining. The basic economics of supply and demand at play will continue to have an impact on the Ottawa resale market.” [1]
If you are looking to buy or sell a home in Ottawa, or to learn more about the Ottawa real estate market, contact our team of expert ® at Performance Realty for all the latest news, insights, and listings in your area. We operate under the nationally recognized Royal LePage brand and commit our services to every client, based on a strong set of core values. Contact us today for a free home evaluation, or browse through our hundreds of real estate listings in Ottawa and Eastern Ontario.
