Everything’s Coming Up Condos for May Resale Market

Thanks to a 14% increase in condo sales, Ottawa’s resale real estate market had a strong May.

Here are the May 2019 numbers:

  • Total number of units sold: 2,423 – up 6.3% from 2,279 in May 2018.
  • Five year average unit sales for May: 2,167.

Condos are giving buyers a chance to enter the market or downsize.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 1,869 – up 4.2% from 1,174 in May 2018.
  • Average sale price of a residential-class property: $493,691 – up 6.3% from $464,401 in May 2018.
  • Number of condominium-class properties sold: 554 – up 14% from 485 in May 2018.
  • Average sale price of a condominium-class property: $297,731 – up 5.8% from $281,247.

Days on Market Down 17% – 33%

Despite the lower levels of inventory, Ottawa still has a higher sales volume than last year. “Well-priced and positioned properties are turning over quickly with residential days on market declining 17% on average from 34 to 28 days from last May and a whopping 33% decrease for the condominium market from 46 days to 31 days,” says Dwight Delahunt, Ottawa Real Estate Board’s President.

No Price Spikes Signals Steady Market

“Home prices are steadily increasing at a reasonable rate, and the fact that they are not spiking confirms that our market is healthy and sustainable,” Delahunt points out. Although the number of homes selling for above-asking is up 15%, “the reality is, 62% of homes are still selling at or below asking,” says Delahunt.

Paul Rushforth Real Estate Will Make Your Sale a Success

Are you ready to sell your home? The Paul Rushforth Real Estate Team has the experience, skills, and knowledge to sell your home quickly and for the right price. We’ll complete showings, the negotiations, and be with you from start to finish.

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