Last month, May 2020, amid the lockdown in Ontario, members of the Ottawa Real Estate Board sold 1,345 residential properties, compared to 2,410 in May 2019, a decrease of 44.2% in the number of properties sold vs the previous year.
It took an average of 37 days for properties of all types to sell in May 2020 which is the same as the average in May 2019 and 11 days longer than the month before, Apr 2020.
Of these 1,345 sales, 1,066 were freehold houses, and 279 were condominiums.
The average sales price for a freehold house sold in May 2020, was $548,140 showing an increase of 11.2% over May 2019. While condominium average prices rose 15.5% from last year to $343,589.
1,650 new properties were listed for sale in May 2020 which is a 48.8% decrease compared to May 2019, bringing the total number of residential properties for sale to 1,933 a decrease of 50.4% from May 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 stimulating the average price index of the market.