With the cooler weather, comes a slight “cool down” in the Ottawa resale market. While the average sale price increased, the number of units sold decreased on a year over year analysis. Members of the Ottawa Real Estate Board sold 931 residential properties in November through the Board’s Multiple Listing Service® system, compared with 1,023 in November 2011, a decrease of nine per cent. The five-year average for November sales is 890.
“Last year was the best November on record for resale home sales in Ottawa, while this November the sales have come back down to their normal levels,” says Ansel Clarke, President of the Ottawa Real Estate Board. “Sales for the first eleven months of the year are at 13,692.”
November’s sales included 208 in the condominium property class, and 723 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $350,020, an increase of one per cent over November 2011. The average sale price for a condominium-class property was $258,500, a decrease of 2.6 per cent over November 2011. The average sale price of a residential-class property was $376,349, an increase of one per cent over November 2011. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
“Continue to keep in mind that market fluctuations do occur,” explains Clarke. “This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR® for more information about the housing market outlook where they live, or want to live. Ottawa remains a great place to buy and/or sell a home.”