April resale market in full bloom

Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board’s Multiple Listing ServiceĀ® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.

The average cumulative day on market has improved in April, at 74 days compared to 83 in March. Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May.

The average sale price of a residential class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014.

The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as top selling property-types in Ottawa.