Members of the Ottawa Real Estate Board sold 1,279 residential properties in August through the Board’s Multiple Listing Service® System, compared to 1,200 in August 2014, an increase of 6.6 per cent. The five-year average for August sales is 1,234.
In addition to an increase in units sold, inventory levels of residential and condominium properties dropped by 5.3 per cent since last month, and cumulative days on the market for residential homes was an average of 89 days, an increase of 8.5% over August 2014. For condominiums, the cumulative days on the market was an average of 104 days.
The average sale price of a residential-class property sold in August in the Ottawa area was $379,946, a decrease of 0.1 per cent over August 2014. The average sale price for a condominium-class property was $244,801, a decrease of 7.3 per cent over August 2014.
The majority of buyers in Ottawa continue to buy properties in the $300,000 to $400,000 price range, closely followed by the $200,000 to $300,000 range. The average sale price to average list price ratio is approximately 97%.