Summer resales sizzle in a hot July

Members of the Ottawa Real Estate Board sold 1,491 residential properties in July through the Board's Multiple Listing Service® System, compared with 1,430 in July 2015, an increase of 4.3 per cent. The five-year average for July sales is 1,717.

Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons. However, we are seeing the typical summer slowdown in July compared to June's record-breaking numbers. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 per cent compared to July 2015.

At just over the mid-year mark for 2016, year-to-date sales volume is up by 5.3 percent over last year.

The average sale price of a residential-class property sold in July in the Ottawa area was $398,608, an increase of 1.1 per cent over July 2015. The average sale price for a condominium-class property was $259,794, an increase of 1.2 percent over July 2015.

The average cumulative days on market for a residential home to sell increased by 5% to 84 days and 89 days (a 14.6 increase) for condominiums.

New listings on MLS decreased by almost 19% to 2,414.

The inventory absorption rate decreased by 1 month to 5 months.

The inventory of homes for sale on MLS decreased by just over 15% to 7,893 listings.

The sales to inventory ratio increased to 19% (note: between 15% and 25% is defined as a balanced market).

The average sales price to average list price ratio for both residential and condominiums home was 97.8%