September was a record-breaking month for local realtors, the president of the Ottawa Real Estate Board said Monday.
With 1,244 residential properties sold in September, Ottawa realtors easily surpassed the 1,131 units sold in September of last year and the five-year average of 1,137 units.
“There was a possibility that the federal election campaign might affect the local real estate market, but this does not appear to have been the case thus far,” David Oikle said in a statement.
Realtors sold 1,023 units in the residential property class and 221 condominiums. The average price of a residential property was $385,142, up 0.5 per cent from last year. The average condo sold for $257,303, a 1.3 per cent increase from September 2014.
“Inventory levels continued to decline by over four per cent since last month, bringing the Ottawa resale market into balanced territory,” Mr. Oikle said, adding the average number of cumulative days properties spent on the market rose slightly to 93 from 89.
Most of the properties sold in the $300,000 to $400,000 range, followed by the $200,000 to $300,000 bracket, Mr. Oikle said.