Real estate market on "steady pace upwards" in April: OREB

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A colder April did little to chill the city’s real estate market, according to the latest numbers released Tuesday by the Ottawa Real Estate Board.

Board members sold 1,570 properties last month, an increase of 10.6 per cent from the 1,419 sold in April 2014. The five-year average for April is 1,531.

“Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March,” OREB president David Oikle said in a statement.

Of the April sales, 1,312 were classed as residential and 258 were condominiums. The average residential-class property sold for $403,239, up 0.9 per cent from the same month a year earlier. The average price for a condo was $265,371, a 2.7 per cent increase from April 2014.

Properties are also being snapped up more quickly. Mr. Oikle said the average number of cumulative days homes spent on the market in April was 74, down from 83 in March.

“Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May,” he said.

Also of note, for the first time in months, properties priced between $300,000 and $349,999 and $350,000 and $399,999 did not account for the majority of the sales.

“The $400,000 to $450,000 range saw an increase of 37.3 per cent, while the $500,000 to $750,000 range saw a 25.4 per cent increase,” Mr. Oikle said, adding bungalows and two-storey homes remain the top-selling property types in the city.