Although the average prices of detached homes and condos have trended down ever so slightly in Ottawa when compared to last year, the difference is so slight that for all practical purposes the Ottawa real estate market can be considered to be holding steady. For detached homes, the decrease compared to May last year was only 1.3%, corresponding to a new average price of $406,063. Ottawa Condos for sale shifted even less, with the current average sale price of $264,801 representing a decrease of only 0.8% compared to last year.
Shifts this small can be explained by the sale of just a few outlying high- or low- priced properties, which is why for the average home buyer the market can be considered to have held steady. However, as summer approaches prices are seeing their typical increases compared to the more subdued winter sale prices.
Market Could Tighten Slightly for Buyers
There are some indications in Ottawa that the market could tighten ever so slightly for those in the market for a home. Primarily, this is because sales are trending upward slightly while numbers of listings are starting to decrease. Both of these trends are gradual, however, and may not be part of any larger patterns. 1,921 homes sold in the month of May this year, and while that is comfortably higher than the five-year average of 1,864, it is 5 sales less than the number which May 2015 saw. This May, 3,635 new homes came up for sale. This was a year-over-year decrease of 4.4% compared to the previous year.
The good news for buyers is that homes are staying on the market longer, especially in the detached house segment. The average detached house sold in May 2016 had been on the market for 75 days, a 15.3% increase compared to 2015. Condos were also staying on the market longer, but the average number of days to sell was 105, which is only 1.9% higher than last year.
Condo Market Not as Strong as Residential Houses
Although both types of home exhibited slightly downward-trending prices, the number of condominium sales is significantly weaker than the corresponding number for detached homes. In May 2016, 1,614 detached houses sold, which was 2.1% more than sold the year before. Condos were definitely moving in the other direction, with only 307 sales made in the month. This was 10.2% fewer sales than the previous year.
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