Ottawa realtors are selling more homes – and more quickly – so far in 2018.
Members of the Ottawa Real Estate Board sold 1,383 residents properties in October, an increase of 12 per cent from last year, the local organization reported on Monday. That’s also higher than the five-year average for October of 1,223 home sales.
Of October’s sales, 1,059 were in the residential property class and 324 were condos, increases of 8.5 per cent and 24.1 per cent respectively.
Homes are also spending less time on the market in 2018, according to the OREB. Residential properties are spending an average 39 days on the market, down from 45 days at this point a year ago. Condos are selling after an average 51 days, down from 68.
“October’s sales are truly indicative of the fast-paced market we have experienced for much of 2018,” said OREB president Ralph Shaw in a statement. The OREB has also reported an increase in housing sales volume across nearly all months of the year so far.
Shaw added, however, that Ottawa continues to face a dwindling housing supply. The city’s active inventory currently is half of where it stood in 2015 and 2016, and condo supply is down 34.5 per cent from last year in October.
Average sales prices were up six per cent year-over-year in the residential property market, while condo prices remained relatively steady. The most active component of residential sales was in the $500,000 to $750,000 price range, with more than half of condo sales falling between $175,000 and $275,000.