Home Sales Decimated in Ottawa, but we’re not worried.
by Dave Williams
It’s May the 5th, the 4th is no longer with us and OREB just released the sales stats for April. Home sales were decimated (that’s the right word for a 10% drop) but here at Home Team Ottawa we are not worried. You see homes are selling, the best prices, best staged, best marketed homes will always sell. The folks who were dipping their toes to test the water as the spring market gets a slow start are just going to get out of the pool, meaning less competition for the next few months!
Enough of the editorial, here are the numbers:
During the month of April 2014, members of the Ottawa Real Estate Board sold 1,420 residential properties,compared to 1,569 in April last year. A decrease of 9.5% in total number of properties sold.
It took an average of 77 days for a property to sell last month which is an improvement over March. Homes in April sold 22.2% quicker than in March.
Of these 1,420 sales, 1,163 were houses, and 257 were condominiums.
April’s average price for all properties sold was $374,015. Up 0.8% from last year.
The average sales price for a freehold home sold last month was $3899,541. Up 0.9% over April 2013
Condominium average prices dropped 3% compared to last year, to $258,500.
3,4494 New properties were listed for sale in April, bringing the total number of properties for sale up to 7,869 and increase of 10.1% over last year.