Sales Slowing at Mid Year, listing inventory continues to grow The Ottawa Real Estate Board recently released June sales reports show a continuing trend towards a more balanced market. The number of sales transactions reported by the Board declined 13.2% in June 2010, compared to the year before. (sales transactions had also declined in May 2010 after several very bullish sales months to start 2010.) Listing inventories continued to rise and average price increases have still been very steady however. Some key market stats: Sales Transactions: -though sales transactions have declined in May and June, the year to date picture is still in plus territory with the number of sales of residential properties 3% higher than in 2009 and condos 22.7% higher. Overall Ottawa Board members have sold 8,877 properties for the first 6 months of the year. Average Selling Prices: -The average residential property has sold for $351,265 on a year to date basis this year (+10.2%) and the average condo has sold for $253,247 with an average increase of 14%. -the average single detached home in Ottawa has sold for $369,493 + 9.9% -the average semi detached home has sold for $323,822 +10.9% -the average freehold row town home has sold for $295,303 +9.3% Listing Inventory: (as of June 30th, 2010) Residential listings: 4060 +7.0% compared to end June 2009 Condo listings: 950 +34.8% Day’s-on-Market to sell: Residential: 2010 YTD 30 days vs 40 days in 2009 Condo: 20 days vs 35 days in 2009. Well priced and presented homes have been selling more quickly this year, reflecting the seller’s market conditions in the first part of the year. If you would like market statistics for your neighbourhood or to schedule a market evaluation of your home, please to not hesitate to call or email. Dawn Davey, Broker Gord McCormick, Broker of Record Oasis Realty Brokerage, Ottawa |