Ottawa MLS home sales increase at end of 2015
What began as a slow year ended with record-breaking December sales of Ottawa homes through the Multiple Listing Service, the Ottawa Real Estate Board reports.
“We started the year off with extreme cold temperatures in the first quarter of the year, but that didn’t stop homebuyers,” said Shane Silva, the new board president, in a recent release. “We saw the busy spring selling season pick up as early as March this year, and continue well throughout the summer, with a small dip in July, followed by record-breaking sale numbers in September.
“Three months later, December broke the record for the highest number of residential and condo properties sold, at 703 units, only comparable to 2011, when 699 properties sold.”
A total of 14,658 Ottawa homes sold on MLS in 2015, up 5.3 per cent over 2014. The average sale price of residential properties in 2015 was $391,941, an increase of 1.9 per cent over the previous year, while condos, including semi-detached houses and freeholds, decreased 1.5 per cent, with an average sale price of $259,691. The hottest listings in 2015 were homes in the $300,000 to $400,000 range, garnering 31.6 per cent of total sales.
In December, the cumulative number of days on the increased to 109, while the average for the year was 86 days.
“Increased inventory levels contributed to the market favouring buyers for much of the year; however, as the inventory levelled out in the fall, we moved into more balanced conditions,” said Silva of 2015’s strong market.
“Average residential sale prices are up slightly over last year, which is great for the Ottawa market,” he added. “All combined, these indicators point to a stable real estate market.”