Last month in May 2021 members of the Ottawa Real Estate Board sold 2,296 residential properties an increase of 71.1% compared to 1,342 in May 2020.*
We had 3,113 new properties listed for sale in May which is a 88.6% increase compared to May 2020*, leaving the total number of residential properties for sale at 1,867 a decrease of 3.4% from May of last year but an increase of 300 properties for sale compared to last month.
We currently have 0.8 Month Of Inventory on the market and a new listing sales rate of 73.8%, a very strong seller’s market in Ottawa.
It took an average of 10 days for properties of all types to sell in May which is 25 days shorter than the average in May 2020 and 1 day shorter than April.
Of these 2,296 sales, 1,779 were freehold houses, and 517 were condominiums.
The average sales price for a freehold house sold in May 2021, was $741,206 showing an increase of 35.2% over May 2020. While condominium average prices rose 23.6% from last year to $424,843.
*In May 2020 sales & homes lister were 50% lower than standard due to the 1st lockdown.