Steady September contributes to strong third quarter for 2017

Members of the Ottawa Real Estate Board sold 1,387 residential properties in September through the Board's Multiple Listing Service System, compared with 1,365 in September 2016, an increase of 1.6 percent. The five-year average for September sales is 1,250.

There does not appear to be any slowdown in the condo market. Sales have been increasing in this property class since February, with the average increase in this property class since February, with the average increase per month coming in at 25.5 percent.

Inventory levels and the number of new listings continue to tighten compared to the same time last year, 5,497 versus 6,968 (21.1%).

Although properties continue to sell faster in comparison to this time last year (74 days versus 87 days), our market is still balanced, though trending toward a Sellers' market. The average increase in sale price has not skyrocketed, but rather has increased gradually due to more homes selling in the $450,000+ price range compared to last year. The average sale price of a residential-class property sold in September in the Ottawa area was $416,464, an increase of 8.2 percent over September 2016. The average sale price for a condominium-class property was $261,548, an increase of 3.9 percent over September 2016.

On average, the list to sale return remains basically unchanged at 97.8 percent.