Summer resales sizzle in a hot July
OTTAWA, August 5, 2016 - Members of the Ottawa Real Estate Board sold 1,491 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,430 in July 2015, an increase of 4.3 per cent. The five-year average for July sales is 1,413.
The average sale price of a residential-class property sold in July in the Ottawa area was $398,608, an increase of 1.1 per cent over July 2015. The average sale price for a condominium-class property was $259,794, an increase of 1.2 per cent over July 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 average sale price is calculated based on the total dollar volume of all properties sold.
“Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons,” says Shane Silva, President of the Ottawa Real Estate Board. “However, we are seeing the typical summer slowdown in July compared to June’s record breaking numbers. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 per cent compared to July 2015.”
“We are just over the mid-year mark for 2016 and our year-to-date sales volume is up by 5.3 per cent over last year, ringing in at a whopping 3.6 billion dollars,” says Silva. “Prices have remained quite steady in comparison to last year, with the increased number of units sold nudging the total sales volume up for the year.”
OREB Monthly News Release - 2016 - July