Ottawa Real Estate Market Update – July 2014

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Ottawa Real Estate Statistics

The statistics are based on sales figures released by the Ottawa Real Estate Board on August 7th and include sales of both residential and condominium properties in the Greater Ottawa Area.

The facts:
# of Sales (1,445) –  increase of 8.2%
Avg. Sale Price ($356,735) – decrease of 0.8%
Days on Market = 48 days
Cumulative Days on Market = 74

New Listings = increase of 10%
Inventory Absorption Rate –  6 months
Sales-to-Inventory Ratio – 17%  (Balanced Market)

Average Sale Price to Average List Price Ratio – 97.3%

The Ottawa Real Estate Board reported 1,445 unit sales in the month of July, a strong increase of 8.2% over July 2013. This is above the five year average for the number of sales in the month of July which is 1,317 units . The number of new listings taken in the month increased by 10% over last year.  This month the average sale price decreased slightly.  Now at $356,735, it was down by 0.8% from last July.  The average sale price to average list price ratio slipped slightly to 97.3%. Strong sales were balanced by the increase of new listings and the listing inventory continues to increase, up 13% over that of July 2013.  The sales to listing inventory ratio was at 17% which indicates a balanced market. The average days on market was up from the previous month to 48 days.  The absorption rate is at a very normal and stable rate of 6 months.

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