Hot Market in an Icy April

Members of the Ottawa Real Estate Board sold 2,032 residential properties in April through the Board's Multiple Listing Service System, compared with 1,788 in April 2017, an increase of 13.6 percent. The five-year average for April sales is 1,704. April sales included 416 in the condominium property class and 1,616 in the residential property class.

The average sale price of a residential-class property sold in April in the Ottawa area was $455,212, an increase of 4.2 percent over April 2017. The average sale price for a condominium-class property was $269,294, an increase of 0.3 percent from April 2017.

While sales were strong this month, certain areas in Ottawa continue to experience limited supply with both condo and residential inventory down 23.7 percent from the same month last year.

Year to date, there have been 5,375 MLS real estate transactions which represents a 9 percent increase to this time in 2017.

The total active inventory at the end of April was 4,879 versus 6,396 homes for sale at April 2017, representing a decrease of over 23%.

The sales to list ratio remained unchanged since last month at 98.6 percent.

The average days on market for a home to sell fell to 65 days compared to 84 days at this time last year.