Signs that Ottawa’s Real Estate market is shifting | Ottawa’s Real Estate Marketplace ~ July 2018 Edition

For the second month in a row the Ottawa Real Estate Boards release has shown diminishing sales (-0.7% in May, -4.3% in June) while Inventory of homes for sale has begun to…rise (it’s only down 15% now compared to the 22-23% it had been for the last 12 months.)

During the month of June 2018, members of the Ottawa Real Estate Board sold 2,070 residential properties, compared to 2,163 in June 2017, a decrease of 4.3% in the number of properties sold vs the previous year.

It took an average of 52 days for properties of all types to sell in June 2018 which is 15 days faster than the average in June 2017 and 1 day longer than the month before, May 2018.

Of these 2,070 sales, 1,615 were freehold houses, and 455 were condominiums.

The average sales price for a freehold house sold in June 2018, was $449,200 showing an increase of 3.4% over June 2017. While condominium average prices rose 1.2% from last year to $278,303.

2,725 new properties were listed for sale in June 2018, bringing the total number of properties for sale to 5,240 a decrease of 15.2% from June of last year.

Here’s a look at the first half of 2018;

See the 4 year history at HomeTeamOttawa.com

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