Members of the Ottawa Real Estate Board sold 1,436 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,440 in July 2014, a decrease of 0.3 per cent. The five year average for July sales is 1,380.
The average cumulative days on market increased slightly to 78 days, compared to 74 days last month. Inventory levels remain high, meaning we continue to be in a Buyer’s market,.
The average sale price of a residential class property sold in July in the Ottawa area was $394,889, an increase of 4.5 per cent over July 2014. The average sale price for a condominium-class property was $255,102, a decrease of 2.6 per cent over July 2014. 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.
The $300,000 to $400,000 price range continues to have the highest concentration of properties sold. Two storey residential properties continue to have the highest concentration of buyers in Ottawa.