Members of the Ottawa Real Estate Board sold 771 residential properties in December through the Board's Multiple Listing Service System compared with 711 in December 2016, an increase of 8.4 percent. The five-year average for December sales is 687.
The average sale price of a residential-class property sold in December was $434,098, an increase of 3.4 percent over December 2016. The average sale price for a condominium-class property was $255,335, a decrease of three percent from December 2016.
The total number of residential and condo units sold through the Board's MLS System throughout all of 2017 was 17,083, compared with 15,526 in 2016, an increase of ten percent. Overall, residential sales volume was up 16 percent.
In 2017, the condo market rebounded with a 22 percent increase in the number of units sold, which is quite significant.
2017's average residential sale price was $425,063, an increase of 6.8 percent over 2016, while the average condominium sale price was $269,903, an increase of 3.4 percent over 2016.
We continue to have a stable and balanced market, although inventory tracked low all year and new listings were down each month.