Overall, the real estate market in Ottawa was vigorous throughout last year. However, the market really went out on a strong note in December, with monthly records being broken as the city closed out the year. The average price of a residential home in Ottawa was up 5% from December of the previous year, hitting $386,961. It was the number of home sales in the active market that was truly striking however. In December of 2014, only 638 homes were sold in the city. This year, 703 properties were sold, marking a dramatic increase of 10.2% as the city bid farewell to 2015.
Condo Prices Staying Affordable for Buyers
Although the average overall price of a home increased in Ottawa this December, condo prices were down significantly. In December, the average price of a condo sold in the city was $250,393. This is 7.5% lower than the prices seen a year previously. The price of condos also declined on a larger scale, as the average sale price for the entire year was lower in 2015 than in 2014. The average sale price of a condo throughout 2015 was $259,691, marking a modest decline of 1.5% from 2014.
One factor connected to the prices of condos in Ottawa at this time is the number of days they are staying on the market. The average number of days for a condo to be on the market currently is 104, a steep increase of 18.2% from 2014. While detached residential properties are also staying on the market longer, the 11.9% increase to 88 days this year is certainly not as extreme as that seen in the condo market. Condo inventory is also up to a degree, with 1,422 condos available for sale at the end of the year, 2.67% more than were for sale at the same time in 2014.
Homes Priced at the Average Remain Popular
Throughout the year in Ottawa, the homes priced close to the average have found themselves in the market’s most popular price category. At the year’s end, 31.6% of all homes sold in the city fell within the price range from $300,000 to $400,000. The next most popular category extends to either side of the average price of condos in the city, with homes sold for between $200,000 and $300,000 making up 26.2% of homes sold in Ottawa last year.