Condo Sales Continue to Dominate Resale Market | Ottawa Residential Average Sale Price Climbs over $500K for the first time ever

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July 4, 2019 from the Ottawa Real Estate Board’s latest News Release

Members of the Ottawa Real Estate Board sold 2,105 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,064 in June 2018, an increase of 2 per cent.

June’s sales included 1,612 in the residential-property class, on par with a year ago, and 493 in the condominium-property class, a rise of 8.8% from June 2018. The five-year average for June unit sales is 2,002.

Condo resales are the driving force for the rise in units sold in the first half of 2019. “Combined residential and condo year to date sales of 9,876 show a 1.8 per cent increase from June 2018,” – OREB President.

Average sale price for a condominium-class property was $308,482, up of 6.2%

Average sale price of a residential-class property was $500,716, an increase of 11.4% over June 2018

In the past decade, we have seen an approximate 52% increase in average prices for residential properties and 34% for condominiums, indeed an excellent return on investment for homeowners,” states the Ottawa Real Estate Board President. “With a population reaching one million residents according to the City of Ottawa, we truly enjoy a high quality of living and remain one of Canada’s most affordable major cities – that’s no small feat.”

MOST POPULAR PRICE POINTS:

RESIDENTIAL:

$350,000 to $499,999 accounted for 43% of June’s transactions
$500,000 to $749,999 accounted for 29% of residential sales

CONDOMINIUM

$225,000-$349,999, accounted for 55% of units sold.

“Some areas of the city are experiencing multiple offers, and the competition for well-priced and positioned properties is brisk. Even though 39% of properties this month sold above the asking price, the vast majority of properties are still being sold at or below the listed price,” OREB president “A professional REALTOR’S® market knowledge and neighbourhood expertise are invaluable whether you are a buyer or a seller,” he maintains.

* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

This article was first published on https://www.teamrealty.ca.