Ottawa – Record Sales in 2016
The Ottawa Citizen recently posted an article with a sales update for the Ottawa Real Estate. In short, in the first twelve months of this year, the Ottawa market saw record breaking sales numbers, and home values rising. What does this mean for 2017?
From the Ottawa Citizen…
“With a month left to go, 2016 has smashed the annual record for resale home sales, according to the Ottawa Real Estate Board.
Already there have been a total of 14,825 homes sold in the first 11 months of 2016, surpassing the previous record of 14,742 set in 2009 and real estate agents still haven’t yet tabulated December’s activity.
In 2015, Ottawa real estate agents sold 14,658 properties through their Multiple Listing Service (MLS).
“This year has been an exceptional year for sales for Ottawa Real Estate Board Members, and the year isn’t even over yet,” said Rick Eisert, newly appointed president of the board. “After a few breakaway months, the Ottawa resale market has come back down with sales typical of November. The condo market appears to be on the rise now, a welcome change compared to earlier in the year, with sales coming in at 16.2 per cent higher than November 2015.”
While there were several strong months for resales during gthe year, November sales levels pulled just slightly higher than 2015 levels, with 995 homes sold last month, compared with 986 homes in November, 2015.
Condominium units, popular with first-time buyers, were strong in November, with 230 units sold. In November 2015, the board recorded 198 condo unit sales.
Residential homes, which include townhouses and semi-detached homes, dipped in November. The board said 765 residential homes were sold in November, a 2.9-per-cent drop from the 788 sold during the same month last year.
The increased interest in the resale housing market is pushing prices higher. The board reported that the average price for a resale home in Ottawa over the first 11 months of 2016 is $371,286, compared with the $368,121 average selling price recorded during the same time period last year.”