Ottawa Market Update, May 2019
Despite the continuing low inventory, we have higher sales volume than this time last year. Members of the Ottawa Real Estate Board sold 2,423 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,271 in May 2018, an increase of 6.7%. Residential sales (1,869) increased 4.6% from this time last year while condo sales (554) increased 14.2% from May 2018. The five-year average for May unit sales is 2,167. Well priced and positioned properties are turning over quickly. Condo sales are bolstering the resale market, up 14% from a year ago, and provide an excellent opportunity for those wishing to enter the market or are ready to downsize.
May’s figures show the average sale price for a condominium-class property was $297,731, an increase of 5.8% from last year (7.9% YTD) while the average sale price of a residential-class property was $493,691, a rise of 6.4% from a year ago (6.6% YTD). Home prices are steadily increasing at a reasonable rate, and the fact that they are not spiking confirms that our market is healthy and sustainable.
Some pockets of the city are experiencing multiple offer situations but there are still many opportunities for those who want to find an affordable property. This is where the assistance of an experienced REALTOR® will serve you well. They understand Ottawa’s neighbourhoods, market trends, and property values and can guide you in your home sale or search.
If you are thinking of buying or selling, or you know someone who is – I’ll be waiting for your call. I can help!