Members of the Ottawa Real Estate Board sold 1,921 residential properties in May through the Board’s Multiple Listing Service® system, compared with similar sales of 1,926 in May 2015. The five-year average for May sales is 1,864.
In May, 3,635 homes were listed keeping pace with listing numbers in April, but down slightly by 4.4 per cent compared to May 2015.
The average sale price of a residential-class property sold in May in the Ottawa area was $406,063, an increase of 0.6 per cent over May 2015. The average sale price for a condominium-class property was $264,801, an increase of 1.5 per cent over May 2015.
The average cumulative days on market for a home to sell increased by 11.1% to 80 days. The inventory absorption rate decreased by one month to 4 months. The inventory of homes for sale decreased to approx. 8,500 at the end of May.
The combined sales to inventory increased to 22% for both residential and condominium style homes which defines the market as BALANCED. However, the condominium market is favoring the Buyer given that the ratio was 14% (15% to 25% is a balance market).
The average sale price to average list price price ratio for both residential and condominiums was approx. 97%.