Ottawa Realtors sold 1288 residential houses and condos in November 2019 via the Ottawa MLS system. This is an increase of close to 11 per cent compared with the number of residential properties sold in November 2018.
Number of Homes Sold
The number of free-hold residential homes sold was 958, an increase of over 10 per cent from November 2018. Furthermore, 330 Ottawa condos sold via the Ottawa MLS up over 12 per cent from November 2018.
Average Ottawa Home Sale Prices
The average sale price for Ottawa condos in November 2019 was $313,734 showing an major increase of close to 10 per cent from the same month last year. Free-hold houses sold on average $501,201 an great increase of almost 17 per cent from a year ago. Year to date figures show that the average sale prices for freehold houses and condos in Ottawa increased by 8.9 and 9.1 per cent respectively.
According to the Ottawa Real Estate Board there is a shortage of available condos and houses in the Ottawa real estate market. This results in many bidding wars for residential properties and the sharp increases in home values in Ottawa.
The most popular price range for Ottawa condos was between $225,000 and $349,999 with over 57 per cent of condos sold in this range. Most freehold homes sold in the price range between $350,000 and 499,999 accounting for close to 40 per cent of the market share. The higher end of the market between $750,000 and $1 million saw drastic increase compared with last year at the same time from 24 units to 65 units sold on the Ottawa MLS platform.
“Year to date totals show the larger picture with a 41% increase in the $750K-$1M range from 610 to 861 unit sales, and a 30% increase in the $1M+ range from 266 to 345 transactions compared to this time last year,” according to the Ottawa Real Estate Board President.