Home resales down 4.6%

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Ottawa realtors sold 4.6 per cent fewer homes in May 2013 than the same period a year earlier as the local market was unable to break out of a slow start to the year.

The number of home resales fell to 1,804 last month, according to numbers the Ottawa Real Estate Board released Wednesday. That’s down from 1,890 in May 2012 and slightly above the five-month average for May of 1,802.

“The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before,” said Ansel Clarke, immediate past-president of the Ottawa Real Estate Board, in a statement.

Both the residential and condominium property classes were down from a year earlier.

Home sales are now well below where they were at this point last year as local realtors continue to deal with a stagnant market.

Year-to-date sales are down 7.5 per cent cent to 6,043 properties. However that hasn’t deterred realtors from continuing to highlight the positives.

“Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home,” said Mr. Clarke in the statement. “Interest rates continue to be low, and there is a wide variety of inventory on hand.”

Prices increased by 2.1 per cent during last month’s sales period. The average sales price was $370,501 in May 2013, up from $362,975 in the same month a year earlier.