The progress Ottawa’s resale market showed in the past few months came to a screeching halt in November, with the number of homes sold by local realtors falling by four per cent.
Members of the Ottawa Real Estate Board sold 891 properties last month, the company announced Wednesday. That’s down from the 928 that were sold in November 2012 and below the five-year average of 939.
The local resale market got off to a slow start in the first half of 2013 with a decline in month-over-month sales between January and July. However, that changed during the past three months, which all showed increases.
“Keep in mind that market fluctuations do occur, and the Ottawa market remains in stable territory,” Tim Lee, president of the Ottawa Real Estate Board, said in a news release.
Sales for the first 11 months of the year are down slightly from 2012. Realtors had sold 13,267 properties as of November, down from 13,711 during that time last year.
The average sale price was up 1.9 per cent in November to $356,675 from $350,004 last year.