Spring Market Churning Along

Members of the Ottawa Real Estate Board sold 2,279 residential properties in May through the Board's Multiple Listing Service System, compared with 2,294 in May 2017, a decrease of 0.7 percent. The five-year average for May sales is 2,041.

Overall inventory stock is down in both the residential and condo market. The number of home sales that took place in May indicates that inventory is turning over quickly - certainly a sign that Ottawa is a healthy real estate market.

The average sale price of a residential-class property sold in May in the Ottawa area was $464,401, an increase of 6.3 percent over May 2017. The average sale price for a condominium-class property was $281,247, an increase of 3.4 percent from May 2017.

While our inventory stays at historically low levels, especially in some neighbourhoods, there will continue to be upward pressure on home prices.

The sale to list ratio remains unchanged since last month at 98.6 percent.

The average days on market for a home to sell fell to 61 days compared to 79 days at this time last year.