Andrew Miller, Sales Representative

RE/MAX Hallmark Realty Group‎, Brokerage

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Ottawa Exceeds Unit Sales For the 4th Month this Year!

Ottawa Real Estate

Ottawa Real Estate

Ottawa Real Estate Statistics
The attached charts present market data of various Ottawa real estate benchmarks. The statistics are based on sales figures released by the Ottawa Real Estate Board on Aug 5th for the month of July data and include sales of both residential and condominium properties in the Greater Ottawa Area.

Key Points.. 

Res & Condo Combined MLS® Data: 

Number of sales in July (1,491 units), an increase of 4.3% … Res: 1,214, +4.6% and Condo: 277, +3% year over year

Average sale price for July ($372,819),an increase of 1.2%… Res: $398,608, +1.2% and Condo: $259,794, +1.2% year over year

Cumulative days on market for sold properties was 84 days an increase of 8 days from the previous month 

New listings taken in July (2,414), percentage change: -23.1% year over year, -12.9% from the previous month

Active listing inventory at the end of July (7,892), percentage change: -17.7% year over year, -5.5% from the previous month

Inventory absorption rate in July was 5 months (4.5 months for Residential properties and 7 months for Condominium properties)

Sales to listing inventory ratio in July was 21% for residential properties (balanced market) and 14% for condominiums (buyer’s market)

Average sale price to list price ratio in July was 97% (sale prices @ 3% less than list prices) 

 

The total unit sales were again up in July year over year, the fourth month this year that sales exceeded the previous year’s sales. But still the average sale price has remained flat, increasing marginally by +1.2% year over year. The number of new listings as well as listing inventory decreased again in July.  This is continuing the trend we have seen all year.  Fewer properties came off the market in July than did in the previous month and this contributed to a drop in the residential market to a balanced market and the condo market to a buyer’s market.  The absorption rate decreased again to 5 months of supply for residential properties and decreased to 7.5 months of supply for condominiums.  Regionally in Ottawa: Kanata/Nepean is showing a 6% increase in unit sales year to date while the central areas of Ottawa is at 2% increase in unit sales and the eastern districts including Orleans is at 0.5% increase in unit sales year to date compared to the previous year. The average sale price year to date for Kanata/Nepean is $376,842, for central areas of Ottawa it is $432,466 and for eastern areas including Orleans the average sale price is $353,614.      

 

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Born and raised in the Ottawa area, with years of experience in the Real Estate industry, I have the tools needed to get you started on your next move. Be it buying or selling, I am confident that from your first home, to your dream home, I can help make your dreams become a Reality................ Read More

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