Ottawa Real Estate Board Sales for May 2006

Members of the Ottawa Real Estate Board sold 1,667 homes in May.  This compares to the 1,554 homes sold in May of 2005 for an increase of 8 percent.

The average prices of homes sold through the board was $259,140, which is an increase of almost 5 percent over last year’s figures.  While the number of homes sold in the area is higher the inventory of available properties is also high giving excellent choices to buyers.

The number of residential properties sold in May was 1,326 compared to 1,251 an increase of 6 percent over last May.  The average sale price was $278,522 versus $263,728 for an increase of 5.6 percent.

The number of condos sold in May was 341 compared to 293 for the same time last year for an increase of 15.4 percent. The average sale price was $183,773, versus $176,773 last year for a increase of 4.0 percent. 

The average number of days on the market was 39 for both residential and condos versus last year’s figures of 39 days and 36 days respectively.

The increase in prices is an average only and should not be used as an indicator that specific properties have increased or decreased in value.

To view the boards full most recent report visit http://orebweb4.oreb.ca/news_release.shtml