According to the Ottawa Real Estate Board, throughout the month of May the city of Ottawa experienced a notable increase in condo sales while surpassing previous monthly records for unit sales in general. In the condo market alone, there was a 44.6% increase in condominium property class units sold this past May relative to May 2016.
“Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by 315 units,” – Rick Eisert, President of the Ottawa Real Estate Board.
May Real Estate in Ottawa Summary
- 444 condominium property class sales at an average sale price of $270,993
- 1,856 residential property class sales at an average sale price of $436,625
- The most common price point in the residential market in Ottawa this May was between $300,000 to $399,999.
- The most common price point in the condominium market in Ottawa this May was between $150,000 and $249,000.
The sellers’ market trend that has been ongoing throughout the past few months continued during the month of May, with low inventory, multiple offers, a short timespan on the market, and steady prices defining the real estate market in Ottawa. Moreover, the recent boost in high-end residential unit sales (from $750,000 to over $1 million) continues to increase relative to 2016.
If you are seeking any kind of support in listing your home, purchasing a new home, or learning more about the Ottawa real estate market, please contact our team of expert Realtors ® at Royal LePage Performance Realty today to learn more. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.