Summer may have been a slow-starter in terms of weather this year, but the Ottawa real estate market has been scorching since spring! Year to date average prices for both condominiums and residential properties continue to show steady and sustained growth, rising 11.5 and 11.8 per cent respectively from the same time last year.
“August’s ten percent increase in unit sales from 2018 is over twice the percentage increase experienced last year and three times higher than the previous August,” reports Dwight Delahunt, Ottawa Real Estate Board President. “However, although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.”
For the second time this year, the average sale price of condominiums has risen – moving up to the $250,000 to $399,999 price range. With condominiums in continued short supply, and with many units in the lower end of the price bracket having already been purchased, upward growth has been noted in the prices of units that are currently on the market.
- Members of the Ottawa Real Estate Board sold 1,731 residential properties in August 2019 (an increase of 9.5 per cent from the previous year).
- There were 1,300 sales in the residential property class (up 9.7 per cent from a year ago) with an average sale price of $484,921.
- August saw 431 sales in the condominium property class (a rise of 8.8 per cent from August 2018) with an average sale price of $308,781.
- The $350,000 to $499,999 range is the most active price point in the residential market, accounting for 42 per cent of home sales, while 27 per cent of residential sales were in the $500,000 to $749,999 range.
- The most active price point in the condominium market increased to the $250,000 to $399,999 range, accounting for 50 per cent of the units sold.
Fall is generally a busy time for the Ottawa real estate market, and this year looks to be no different. You want a RealtorⓇ on your side who is familiar with the current market and who has the knowledge, integrity and professionalism to help you achieve your real estate dreams.
If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about the current real estate market in Ottawa, please contact our team of expert Realtors® at Royal LePage Performance Realty today. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.