During the month of November 2017, members of the Ottawa Real Estate Board sold 1,239 residential properties, compared to 995 in 2016, an increase of 24.9% of properties sold vs the previous year.
It took an average of 72 days for properties of all types to sell in November 2017 which is 33 days faster than the average in Nov 2016 and the same as the month before, Oct 2017. Condos sold this month were on the market and average of 85 days, which is 57 days shorter that the previous year and 9 days shorter than the previous month.
Of these 1,239 sales, 945 were freehold houses, and 294 were condominiums.
The average sales price for a freehold house sold in November 2017, was $418,354 showing an increase of 3.2% over Nov 2016. While condominium average prices dropped 7.6% from last year to $257,212.
1,441 new properties were listed for sale in November 2017, bringing the total number of properties for sale to 4,347 a decrease of 23.9% from Nov of last year. This is the lowest inventory we have seen in the Ottawa resale real estate market since Dec 2011.
See the break down of Homes Sold and Sold Prices in Ottawa, Condos Sold and Condo Prices in Ottawa on Home team Ottawa’s website.