Tuesday, April 19, 2016

Ottawa resale home sales, inventories dip slightly in March

The number of resale Ottawa homes sold dipped slightly in March, according to the Ottawa Real Estate Board.

The board, which released its monthly state of the market Tuesday, said 1,166 resale Ottawa homes were sold in March, a 2.8-per-cent decrease from the 1,200 sold during the same month last year.

The number of Ottawa homes available for sale also dipped slightly during the month. According to the Ottawa Real Estate Board a total of 3,203 new properties were listed for sale in March as sellers prepare for what is typically a busy spring home sale season. The number of new offerings has dipped slightly from the 3,388 resale homes that the Board saw listed last year.

“Although there is a slight dip in units sold compared to last year, average price remains steady keeping the Ottawa resale market healthy and strong,” said Shane Silva, president of the Ottawa Real Estate Board (OREB). “Properties are starting to sell faster, indicating that we are heading into our busy spring market.”

Last month tied March 2013 for the slowest month in resale Ottawa homes sales over the past five years, according to OREB statistics.

For the first three months of the year, resale home sales are keeping pace with the volumes seen in 2015. The OREB said 2,674 resale homes have been sold so far this year, holding steady with the 2,678 sold during the first three months of 2015.

Housing prices are also holding steady, the average price of a resale Ottawa home hit $361,623 for the period between January and March. During the first quarter of 2015 the average resale home selling price was $357,130.

The best-selling segment of the market so far this year has been condominiums, with volume up, but average prices down. A total of 547 condo units have sold so far this year, a 7.5-per-cent increase over the 509 sold during the first three months of 2015. However, the average selling price has slipped 1.9 per cent to $252,177.

Prices on residential units continue to rise. The average selling price of a residential unit on the resale Ottawa housing market hit $389,731 during the first three months of the year, a 2.4-per-cent increase over the $380,586 that they were selling for, on average, during last year’s first quarter.

To read the complete article from the Ottawa Sun, please click here 

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