Ottawa resale market eases off with cooler January weather
OTTAWA, February 3, 2016 - Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board's Multiple Listing Service® system, compared with 626 in January 2015, a decrease of four percent. The five-year average for January sales is 618.
The average sale price of a residential-class property sold in January in the Ottawa area was $386,839, an increase of 4.6 percent over January 2015. The average sale price for a condominium-class property was $247,205, a decrease of 1.3 percent from January 2015. 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 market momentum gained from the warmer weather in the latter part of 2015 has eased off with the arrival of typical winter weather in January," says President of the Ottawa Real Estate Board, Shane Silva. "We are seeing a drop in the number of residential and condo properties listed this January over the year before. However, the number of properties listed almost doubled the amount listed in December - a normal occurrence at the beginning of the year as people begin to plan for the year ahead."
"Residential unit sales this month were down, while condominium unit sales were up, over last year," says Silva. "Residential two-storey and bungalow homes continue to have the highest concentration of buyers, with three-storey homes increasing in sales by over 50 percent since this time last year. Two-storey condominium properties had a similar increase, showing the same amount of unit sales as one-level properties."
OREB Monthly News Release - 2016 - January