Members of the Ottawa Real Estate Board sold 1,795 residential properties in April through the Board’s Multiple Listing Service System, compared with 1,711 in April 2016, an increase of 4.9 percent. The five-year average for April sales is 1,613.
Sales activity is indicating a trend towards a seller’s market. Lower inventory, combined with increased demand, is creating many more multiple offer situations and quicker moving properties, with the average cumulative days on market dipping to just 71 days.
April sales included 312 in the condominium property class, and 1,483 in the residential property class.
Homes sold in the 300-499K range made up 55.1% of sales.
High end market continues to see growth ($1 million+)
Since the start of 2017, 83 properties over $1 million switched hands, compared to only 38 in the same time-frame last year.
The average sale price of residential-class property sold in April in the Ottawa area was $435,883, an increase of 7.9 percent over April 2016. The average sale price for a condominium-class property was $268,553, an increase of 2.9 percent over April 2016.