Ottawa Real Estate Market Update – June 2014


Home / Blog / Market Update / Ottawa Real Estate Market Update – June 2014

Ottawa Real Estate Statistics

The statistics are based on sales figures released by the Ottawa Real Estate Board on July 4th and include sales of both residential and condominium properties in the Greater Ottawa Area.

The facts:
# of Sales (1,661) –  decrease of 4.3%
Avg. Sale Price ($364,264) – increase of 1.4%
Days on Market =  42 days
Cumulative Days on Market = 67

New Listings = increase of .08%
Inventory Absorption Rate –  7 months
Sales-to-Inventory Ratio – 19%  (Balanced Market)

Average Sale Price to Average List Price Ratio – 97.6%

The Ottawa Real Estate Board reported 1,661 unit sales in the month of June, a strong increase of 4.3% over June 2013. The five year average for the number of sales in the month of June is 1,636 units. “It is now very apparent that the long winter we experienced delayed the start of the normally busy spring market”, David Oikle, OREB President-Elect.  The number of new listings taken in the month saw a very small increase of .08% compared to June 2013.  The average sale price increased again.  Now at $364,264, it was up by 1.4% from June 2013 but was down from the previous month.  The average sale price to average list price ratio is steady at 97.6%. The listing inventory continues to grow slowly, up 11.9% over that of June 2013.  The sales to listing inventory ratio was at 19% which indicates a balanced market. The average days on market was the same as the previous month at 42 days.  The stronger sales in the month kept listing inventory levels in check and also positively affected the absorption rate which decreased to 7 months.

 

Half way through the year, 7,518 properties have sold which is 6% less than the five year average of 8,009 properties.  Historically 56% of the annual sales have occurred by the end of June with 44% to come.  This year’s delayed market may mean that the rest of the year’s market will be stronger than normal.

Leave a Reply

Your email address will not be published. Required fields are marked *