Ottawa Spring Real Estate Market slow to start in April
The Ottawa Real Estate Board released its monthly sales statistics for April today, reporting that the spring resale market has been slow to bloom in Ottawa.
Members of the Board sold 1,420 properties through the Board’s Multiple Listing Service in April, which is a decrease of 9.5% over April of 2013, which saw 1,569 sales.
Of these sales, 257 were in the condominium property class and 1,163 were in the residential property class. The condominium class includes all properties registered as a condominium, regardless of style, as well as timeshares, life leases, and cooperatives, while the residential class includes all other residential properties.
Randy Oickle, President of the Ottawa Real Estate Board, acknowledged that despite the year-over-year decline in sales, “the Ottawa market remains relatively stable.” The spring real estate market can rely on more typical spring-like weather than we have seen in Ottawa during March and April, and Oickle notes that, due to the late spring in 2014, “it is not unexpected to see the market have a later upswing than normal. That being said, properties sold in April were on the market an average of 45 days, a few days less than what was indicated in March.”
The average sale price for Ottawa’s residential homes, including condominiums, was $374,015 in April, which is a year-over-year increase of 0.8%. When compared to April of last year, the average sale price for condominiums decreased by 3% to $258,500, while residential class properties saw an average sale price of $399,541, an increase of 0.9% compared to April of 2013.
While sales have shown a decrease over the same period last year, Oickle adds that “sales have continued at a steady pace upwards since the beginning of the year, with 233 more properties switching hands in April over March. That’s a 19.6 per cent increase since last month.” Further, the average sale prices are “on par with prices from a year ago, even year-to-date price comparisons remain steady.”
Spring is a great time to think about selling your house, or beginning your search for your next home. If you’d like to know the current market value of your house or condo, contact us at anytime!
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