Ottawa’s Real Estate Review – May 2013 – There’s a LOT of competition right now

Ottawa’s Real Estate Review – May 2013 – There’s a LOT of competition right now
by Dave Williams
 
page-0   page-3  During the month of May 2013, members of the Ottawa Real Estate Board sold 1,804 residential properties,compared to 1,890 in April last year. A decrease of 4.6% in the total number sold.
The total # of 1,804 represents an increase of 14.7% over the number of homes sold in April 2013, which was not far off our real estate predictions just last week.
May’s average for all properties was $370,502.
Up 2.1% from last year.
Of these 1,804 sales, 1,478 were houses, and 326 were condominiums.This is a bit of a surprising drop, and probably a good indication of where the sales are going.  Typically 22% of sales are in the condominium market (based on a 5 year average).  Had that held true we probably would have seen closer to 1900 sales this month.
The average sales price for a freehold home sold last month was $394,331 which shows some positive growth and is driving the overall market average up.

Condominium average prices decreased 2.25% from last year to $262,467.

The number of listed properties on the market is over 7700, 17.55% higher than last year,
 giving buyers more choice and causing some properties to take longer to sell.
See all the charts and the full report on Ottawa’s Real Estate Information Source, HomeTeamOttawa.com
Are you surprised by these numbers, or did you expect lower?
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