Last month, December 2020, members of the Ottawa Real Estate Board sold 1,002 residential properties, compared to 757 in December 2019, an increase of 32.4% in the number of properties sold vs the previous year.
It took an average of 33 days for properties of all types to sell in December 2020 which is 11 days shorter than the average in December 2019 and 8 days longer than November 2020.
Of these 1,002 sales, 710 were freehold houses, and 292 were condominiums.
The average sales price for a freehold house sold in December 2020, was $603,880 showing an increase of 20.6% over December 2019. While condominium average prices rose 14.4% from last year to $355,982.
745 new properties were listed for sale in December 2020 which is a 41.9% increase compared to December 2019, bringing the total number of residential properties for sale to 960 a decrease of 46.4% from December of last year, the lowest recorded inventory in over 16 years.
Last Year: 2020 in Review
During 2020, there were 18,971 sales by the Ottawa Real Estate Board members.
Compared to 17,613 in 2019, an increase of 1.9%.
Nearly 60% of 2020’s sales occurred from July-December which was a shift in the years seasonal market due to the pandemic, where 40% of Ottawa sales usually occur in the last 2 quarters.
It took an average of 28 days for properties of all types to sell in 2020 which is a decrease of 25% from 2019.
Of these 18,971 sales, 14,455 (+3.0% from ’19) were freehold houses, and 4,516 (-1.5% from ’19) were condominiums.
The average sales price for a freehold house sold in 2020, was $582,267 showing an increase of 19.7% over 2019, while condominium average prices rose 18.8% from last year to $361,337.
Check out the 62 year history of Ottawa real estate at https://www.thetulipteam.com/stats/