Home Sales in Ottawa – April 2013
by Dave Williams
Winter is gone! Words that reflect the weather here in Ottawa and the real estate market.
During the month of April 2013, members of the Ottawa Real Estate Board sold 1,573 residential properties, compared to 1,568 in April last year. An increase of 0.3% in the total number sold. Of these 1,573 sales, 1,271 were houses, and 302 were condominiums.
The total of 1,573 represents an increase of 34.9% over the number of homes sold in March 2013.
As with any real estate market Ottawa experiences seasonality to it’s sales and home prices that are directly related to the weather conditions it experiences. It’s tough to compare this years long cold winter sales to the same time last year when we had a spring thaw in February and were on the golf course in mid March.
The average sales price for a freehold home sold last month was $396,507
April’s average for all properties was $371,565. Up 2.1% from last year.
April’s average for all properties was $371,565. Up 2.1% from last year.
Condominium average prices decreased 2.3% from last year to $266,596.
We continue to see a very high inventory of condos on the market especially when compared against the new construction segment. A lot of smaller, affordable condos are competing with the new constructions while move up/downsizing condos with more square footage have less competition in the marketplace.The number of listed properties on the market is over 7100, 18.5% higher than last year, giving buyers more choice and causing some properties to take longer to sell.
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