A Sizzling Summer for Ottawa Real Estate

Members of the Ottawa Real Estate Board sold 1,614 residential properties in July through the Board’s Multiple Listing Service System, compared with 1,524 in July 2017, an increase of 5.9 percent. The five-year average for July sales is 1,501. July’s sales included 1,238 in the residential property class, an increase of 3.6 percent from July 2017 and 376 in the condominium property class, an increase of 14.3 percent from a year ago.

Ottawa’s condo market continues to positively impact overall residential sales trends with year-to-date condo unit sales up 16.5 percent from this time last year. Overall inventory levels in both the residential and condo market are improving which will help ease pressure on prices. Units available are currently down 16 percent down from July 2017 rather than the 24 percent we were down at the beginning of the year.

The average sale price of a residential-class property sold in July in the Ottawa area was $441,206, an increase of five percent over July 2017. The average sale price for a condominium-class property was $280,526, an increase of 5.3 percent from July 2017.

The year to date average Days on Market (DOM) for residential homes for the month of July has decreased from 68 days to 56 days, a decrease of over 17 percent.

The sales to list ratio remains effectively unchanged at 98.3 percent.