Market update

The Ottawa Real Estate Board reported unit sales of 1,141 in August a decrease of 14.1% from August 2011. The 5-year average for sales in August is 1,234 units.  The average sale price was $346,949, an increase of 2.5% over August 2011. New listings were down from the previous month and up from August 2011. The listing inventory also was down from the previous month and up from August 2011. The sales to listing inventory ratio remains in the balanced market territory at 18%. The days on market for a home to sell increased slightly to 42 days and the absorption rate changed very slightly to 4.2 months.