Condo sales lead the way for stellar performance in May

Members of the Ottawa Real Estate Board sold 2,300 residential properties in May through the Board's Multiple Listing Service System, compared with 1,919 in May 2016, an increase of 19.9 percent average for May sales is 1,946.

One of the reasons for these stellar numbers can be attributed to the condo market, which has helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 percent over May 2016.

May's sales included 444 in the condominium property class, and 1,856 in the residential property class.

The average sale price of a residential-class property sold in May in the Ottawa area was $436,625, an increase of 7.4 percent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 percent over May 2016.

The most active price point was between $300,000 and $500,000 accounting for just over 54 percent of all sales.

Higher-end residential units in the $750,000+ range continue to outperform sales from last year, especially in the $1 million+ range, where unit sales have almost double those in May 2016.

The average days on market for a home to sell at the end of May was 69 days. The total number of homes for sale was 6,481 which represents almost 25 percent less than this time last year. On average, the list sale to sale return was 98 percent.