The snowy month of November brought with it a slower than average resale market in Ottawa. Members of the Ottawa Real Estate Board sold 891 residential properties in November through the Board’s Multiple Listing Service® system, compared with 928 in November 2012, a decrease of four per cent. The five-year average for November sales is 939.
“The number of residential properties sold in November, excluding condos, was only down by five units compared to this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “Sales for the first eleven months of the year are at 13,267, just slightly below the year-to-date sales for 2012.”
November’s sales included 174 in the condominium property class, and 717 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,675, an increase of 1.9 per cent over November 2012. The average sale price for a condominium-class property was $258,118, no change from November 2012. The average sale price of a residential-class property was $380,593, an increase of 1.2 per cent over November 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
“Keep in mind that market fluctuations do occur, and the Ottawa market remains in stable territory,” explains Lee. “It is important for buyers and sellers to talk to an Ottawa area REALTOR® for more information about the housing market outlook in the neighbourhood they live, or want to live. Ottawa continues to be a great place to buy and/or sell a home.”