Members of the Ottawa Real Estate Board sold 1,484 residential properties in August through the Board's Multiple Listing Service® System, compared with 1,276 in August 2015, an increase of 16.3 per cent. The five-year average for August is 1,265.
To date, this has been a record breaking year for units sold.
The average sale price of a residential-class property sold in August in the Ottawa area was $389,786 an increase of 2.5 per cent over August 2015. The average sale price for a condominium-class property was $272,166, an increase of 11.1 per cent over August 2015.
This past month, there were six more properties sold in the $1 million plus range over last year, a possible explanation for the bump in average sales price for both condo and residential properties.
The hottest segments in our market for August continued to be two-storey and bungalow residential homes in the $300,000 - $400,000 price range.
The average cumulative days on market remained at 95 days.
The inventory of listings decreased by 15.9% to 7,397 listings.
The average sale price to average list price combined was 97.4%.