Autumn Leaves are Falling; Home Prices are Not…

Members of the Ottawa Real Estate Board sold 1,393 residential properties in September through the Board’s Multiple Listing Service System, compared with 1,383 in September 2017, an increase of only 0.7 percent. The five-year average for September sales is 1,303. September’s sales included 1,046 in the residential property class, a decrease of 2.5 percent from a year ago, and 347 in the condominium property class, an increase of 11.9 percent from September 2017.

The average sale price of a residential-class property sold in September in the Ottawa area was $449,613, an increase of 7.9 percent over September 2017. The average sale price for a condominium-class property was $282,781, an increase of 7.6 percent from this month last year.

The $300,000 to $449.999 range remains the most active price point in the residential market, accounting for 46 percent of homes sales while the $500,000 to $750,000 price range represents 22.5 percent of residential home sales this past month. Between $175,000 to $274,999 was September’s most active price point in the condominium market, accounting for almost 57 percent of the units sold.

The total inventory of homes for sale on MLS at the end of October was 4,419 versus 5,497 at this time last year, representing a decrease of almost 20 percent.

The sales to listing ratio remained effectively unchanged since last month at 98.1 percent.

The average days on market for a home to sell is 64 days, compared to 70 days at this time last year.