Resale market remains steady and strong in May!

Members of the Ottawa Real Estate board sold 1,926 residential properties in May through the Board’s Multiple Listing ServiceĀ® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.

May’s sales included 342 in the condominium property class, and 1,584 in the residential property class.

The average cumulative days on market remains consistent at 72 days, compared to 74 last month. Properties are moving consistently and inventory remains plentiful; labeling the Ottawa market and allowing for average sale prices to remain very stable.

The average sale price of a residential class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 percent over May 2014.