Sales up, prices down

While you can still hear whispers of the market "slowing down", the following excerpt from the Ottawa Real Estate Board confirms what I posted in June: affordable, well priced properties continue to sell, and quickly at that.

However, many vendors still think they have the upper hand, and as a result are waiting longer to sell, while often being forced to reduced their original asking price...

Steady summer sales in the Ottawa housing market

Members of the Ottawa Real Estate Board sold 1,366 residential properties in July, compared with 1,321 in July 2011, an increase of 3.4%. The five-year average for July sales is 1,360. July's sales included 304 in the condominium property class.

"The number of residential properties sold has slightly increased compared to July of 2011, while the average price has slightly decreased," notes Joanne Tibbles of the Ottawa Real Estate Board. "This may be because lower priced properties in certain areas of the city continue to sell quickly, while higher priced or unique properties are taking somewhat longer to sell. Nonetheless, the Ottawa market generally remains stable."

The average sale price for a condominium-class property was $265,903, a decrease of 1.7 per cent over July 2011.