The Ottawa Real Estate Board has released its monthly sales statistics for the month of June, 2014, reporting a year-over-year increase of 4.3%. Members of the Ottawa Real Estate Board sold 1,593 homes in June 2013, compared to 1,661 home sales in the same month of this year. The five-year average for home sales in June is 1,636.
Of Ottawa’s home sales in June 2014, 316 were in the condominium class and 1,345 were in the residential property class. The condo class includes any property registered as a condominium, regardless of style, in addition to co-operatives, life leases and time shares. The residential class includes all other residential properties. David Oickle, President-Elect of the Ottawa Real Estate Board, noted that it’s now evident “the long winter we experienced delayed the start of the normally busy spring market,” adding that the market in Ottawa is “doing well in comparison to the first six months of 2013.”
The average sale price for an Ottawa home in June, including condominiums, was $364,264, which is a year-over-year increase of 1.4%. For condos, the average sale price in June was $258,135, a decrease of 2.8% from last June, while the average sale price for a residential class property increased 1.8% over the same month last year to $389,198. While average home prices are a good gauge of market trends, it’s important to speak to a real estate professional with experience in your local real estate market to get a more accurate depiction of sale prices for your specific Ottawa neighbourhood.
The average days on market for Ottawa area homes remained at 42 days in June, with the residential and condo unit inventory on hand at just over 8,500 units. This is compared to 7,500 units last year. According to Oickle, this “moderate increase of 13% in the inventory… has created more selection for buyers, and increased competition for sellers.” He did add, however, that this increase is “consistent with an active spring market.”
To read the full sales statistics for June, visit the Ottawa Real Estate Board website. If you’re looking for more information about the Ottawa real estate market or market trends in your particular neighbourhood, please feel free to contact us directly or find a branch location near you. You can also browse our website for a real estate sales representative who can help you!
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