Members of the Ottawa Real Estate Board sold 1,383 residential properties in October through the Board’s Multiple Listing Service System, compared with 1,237 in October 2017, an increase of 11.8 percent. The five-year average for October sales is 1,223. October’s sales included 1,059 in the residential property class, a rise of 8.5 percent from a year ago, and 324 in the condominium property class, an increase of 24.1 percent from October 2017.
The lack of supply continues to be a major driving factor in Ottawa’s real estate market. If we look back to 2015 and 2016, our current active inventory is less than half of what we had then. Compared to last year, condo inventory is down 34.5 percent while residential inventory is 17.5 percent lower than October 2017.
The average sale price of a residential-class property sold in October in the Ottawa area was $449,005, an increase of 5.7 percent over October 2017. The average sale price for a condominium-class property was $271,350, a slight increase of 0.6 percent from this month last year.
The total inventory of homes for sale on MLS at the end of October was 3,948 versus 5,058 at this time last year, representing a decrease of over 21 percent.
The sales to listing ratio increased to 98.1 percent, versus 97.7 percent since last month.
The average days on market for a home to sell fell to 60 days, compared to 72 days at this time last year.