Ottawa real estate market inventory drops in August on strong sales: OREB

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Ottawa Real Estate Board members were busy in August, with sales exceeding both the same month in 2014 and the five-year average, the board said Thursday.

Members sold 1,279 residential properties in the month, 79 more than in August 2014. The five-year average is 1,234.

“In addition to an increase in units sold, inventory levels of residential and condominium properties dropped by 5.3 per cent since last month, and cumulative days on the market was an average of 89 days,” board president David Oikle said in a statement.

Condominiums made up 259 of the sales, while the other 1,020 came in the residential property class.

The average residential price was $379,946, down 0.1 per cent from August 2014. The average condo price dropped 7.3 per cent from a year earlier to $244,801.

“It is important to note that the increase in units sold is for both residential and condominium properties,” Mr. Oikle said, adding the number of condo sales continues to rise.

“Year-to-date condominium sales are now close to on par with last year,” he said.

The majority of the properties sold were in the $300,000 to $400,000 range, Mr. Oikle said, followed closely by the $200,000 to $300,000 range.