The Ottawa real estate market has rebounded from the winter-induced slow start to 2014, with residential sales in June up 4.3 percent compared with the same month a year earlier, according to the monthly sales report issued Friday by the Ottawa Real Estate Board.
OREB members sold 1,661 residential properties last month, up from 1,593 in June 2013. This year’s number also tops the five-year average of 1,636.
“We’re also seeing that the Ottawa market is doing well in comparison to the first six months of 2013,” OREB president-elect David Oikle said in a release. “With positive numbers in May and June, year-to-date units sold are now only off by 106 units, while the average sale price has increased 1.5 per cent over a year ago.”
Last month, 1,345 residential properties and 316 condominium properties were sold. The average sale price of all properties was up 1.4 per cent compared with a year ago, at $364,264. Break that down and condominium prices were down 2.8 percent at $258,135 and residential properties were up 1.8 per cent at $389,198.
Inventory on hand is up 13 per cent, but Mr. Oikle said that is consistent with an active spring market, adding it creates more selection for buyers and increased competition for sellers.