May 2012 Sales Results Ottawa real estate

Published 06 June 12 10:29 AM | Gord McCormick 

May 2012 Sales Results

 

Solid month in residential sales-condo resales lag and inventory accumulates

# Transactions up 4.5% over 5 year average

The Ottawa residential real estate market performed pretty well in the month of May with a total of 1,896 sales of   residential and condo properties.  The 5 year average sales transactions during the month of May is 1,814 (2007-2011) so this year’s numbers compare favourably with a 4.5% increase over that 5 year average in what is typically the largest sales transaction month of the year. (the increase was 14.3% over May 2011)

Condo Sales Lag and Inventory Grows.

The breakdown in sales is somewhat interesting however; while the number of residential sales jumped 18.6% during the month, condo sales actually decreased 1.6% compared to a year ago.  On a year to date basis, residential sales transactions are up 10.9%, while condo sales are .5% lower than in 2011.  This condo performance is underscored by the buildup of condo resale inventory; where we now have 21.8% more listings of condo properties than last year.  The condo performance this year is probably affected by the number of new condo projects being brought in to the market.

Modest pricing growth:

Average prices continue to be steady with average prices increasing 2.1% to $385,172 for residential properties sold in May and a 2.5% increase for condos to $268,831.  On a year to date basis the average residential property price has increased 2.4% and the average condo price 5.0%.

 

To discuss your specific market or to list your home, feel free to give us a call for a no obligation introductory meeting and market evaluation of your property.

 

Gord McCormick, Broker of Record

Dawn Davey, Broker

Oasis Realty Brokerage

613-435-4692

oasisrealty@rogers.com

www.oasisrealtyottawa.com 

 

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