A Look at Residential Homes Resales in Ottawa for April 2013
by Dave Williams
Last week we were relieved to see an increase in Ottawa’s real estate market, a substantial increase when compared with a cold March, and a tiny increase when compared to April 2012. Today we’ll start breaking the market apart into it’s components by taking a look at residential homes sales & prices in April of 2013.
<Read more about the Ottawa real estate market>
Residential Home Prices
Home prices in the freehold segment of the market have increases year-over-year (y-o-y) 2.58% to this years high of $396,507, over the top average price last year in April 2012 of $385,549.
Bungalows saw a higher than average increase with bungalow prices increasing by 3.8% of 2 Story homes which only increase 2.4%
Residential Home Sales
There was a tiny increase in sales y-o-y with 1,271 homes selling this April over 1,267 last April, a 0.31% increase.
The big movers in the residential segment were 3 Story homes, with 69 selling this year compared with 56 in April 2012. Also, notable is that Bungalow sales dropped to 269 this year compared to 290 last year, which may have contributed to the increase in price. When a style of home is in demand the premium people are willing to pay for it increase.
Residential Inventory of Homes for Sale
Imagine this in Olly Williams’ voice from Family Guy: “Who wants to buy a house, we got lots!”
At the end of April, there were 5459 residential homes for sale in the Ottawa area. That is 14.23% higher than we ended last April with 4779, buyers have a lot of choices right now. In April 2013, 2,733 new listings came on the market, up 12.42% over the 2,431 homes listed for sale in April 2013.
That means of the 7591 Homes that were up for sale in April 2013, 16.74% (1271) sold.
<Find out how today’s real estate market affects the value of your home>
Residential Homes Notables – April 2013
61.6% of the sales (783) were 2 story homes representing the highest sales segment.
21.16% of the sales (296) were bungalows claiming the #2 spot.
5.43% of the sales (69) were 3 story homes for #3.
20.29% of the sales (258) were in the $300K – $350k price range, holding the top selling band.
15.89% of the sales (202) were in the $500K – $750K price band for the second highest selling price range.
1.02% of the sales (13) were over a Million Dollars, just so you know.
Have a Great Day, next week in this segment we’ll take a closer look at condo properties.