Mid-year Ottawa home sales up 13.5% as ‘stellar’ 2017 continues for realtors

Real estate

Fewer Ottawa homeowners are putting their properties up for sale, but that’s not taking any steam out of the local real estate market, new figures show.

The Ottawa Real Estate Board said its members sold 2,162 properties last month. That’s up 8.9 per cent over the 1,985 homes sold in June 2016 and exceeds the five-year average for the month of June of 1,818 sales.

The average sale price in June was $434,502. That’s down slightly from $436,625 in May but up from $399,382 in June 2016.

“We’re having a stellar year so far in 2017,” said OREB president-elect Ralph Shaw in a statement. “Listings and inventory levels continue to trend downwards, and realtors (reported) an increase in multiple offers on properties in some pockets around the city.”

During the first half of the year, Ottawa realtors sold 9,419 properties. That’s up 13.5 per cent over the same period in 2016.

While more than a third of all sales are for homes priced at below $400,000, realtors have seen an uptick in the number of big-ticket properties. Forty-six homes sold for more than $1 million in June, bringing to year-to-date total to 171.

“Both numbers are more than double the amount sold last year,” Mr. Shaw said. “It indicates that home buyers are looking beyond their basic needs to check off more boxes from their wish lists such as view, downtown location, or acreage property.”