Buyer’s market boosts real estate sales in May: OREB

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Ottawa Real Estate Board members had their best May since 2009, the organization said Wednesday.

Members sold 1,926 residential properties last month, 7.7 per cent more than in May 2014 and also head of the five-year average of 1,812.

“Units sold are up 357 since April, increasing in both the residential and condominium property class,” board president David Oikle said in a statement.

Mr. Oikle said the average cumulative time a property stays on the market is 72 days. That remains consistent with last month, when it was 74 days.

“Properties are moving consistently and inventory remains plentiful, labelling the Ottawa market as a buyer’s market and allowing for average sale prices to remain very stable,” he said.

In May, real estate agents sold 1,584 residential class properties and 342 condominiums. The average price of a residential class property was up 2.6 per cent from the same month last year to $411,791, while the average condo sold for $266,940, a drop of 4.9 per cent from May 2014.

“Two-storey residential properties sold surpassed 1,000 units this month, continuing to have the highest concentration of buyers in Ottawa,” Mr. Oikle said, adding that most sales were in the $300,000 to $400,000 range, followed by the $200,000 to $300,000 range and the $400,000 to $500,000 range.