Review of April 2020 in Ottawa Real Estate
During the month of April 2020, amid the lockdown in Ontario, members of the Ottawa Real Estate Board sold 913 residential properties, compared to 2,025 in Apr 2019, a decrease of 54.9% in the number of properties sold vs the previous year.
It took an average of 26 days for properties of all types to sell in April 2020 which is 20 days shorter than the average in Apr 2019 and 7 days shorter than the month before, Mar 2020.
Of these 913 sales, 700 were freehold houses, and 213 were condominiums.
The average sales price for a freehold house sold in April 2020, was $521,694 showing an increase of 6.8% over Apr 2019. While condominium average prices rose 6.3% from last year to $327,813.
1,201 new properties were listed for sale in April 2020 which is a 56.5% decrease compared to Apr 2019, bringing the total number of residential properties for sale to 1,920 a decrease of 48% from Apr of last year.
The two notable stats for Bill Meyer were; while sales were cut in half so too were the number of new properties for sale, maintaining the balance of the market and the average price index of the market.
Read more about the history of Ottawa real estate trends or property class breakdowns of last months numbers at The Tulip Team’s website.