Condo sales lead the way

Members of the Ottawa Real Estate Board sold 1,214 residential properties in October through the Board’s Multiple Listing ServiceĀ® System, compared with 1,159 in October 2015, an increase of 4.7 per cent. The five-year average for October sales is 1,130.

While residential sales are identical to that of October 2015, condominium sales have soared – up by 27.2 per cent over last year. Lower inventory levels, combined with adjusting prices, may be creating these higher than normal activity levels in the condo property class.

The average sale price of a residential-class property sold in October in the Ottawa area was $392,579 an increase of 3.3 per cent over October 2015. The average sale price for a condominium-class property was $251,465, an increase of .01 per cent over October 2015.

The average cumulative days on market for a home to sell increased by 25% to 98 days. New listings in the month of October decreased by – 5.31% to 1,978 listings. As well, the inventory at the end of last month decreased by over 15% to 6,460 listings.

The sales to inventory ratio increased to 19% (note: a balance market is between 15% and 25%)

The average sale price to average list price ratio combined was 97.4%.