Thursday, November 13, 2008

October Stats for Ottawa's Housing Market -- Slowdown in Progress

Members of the Ottawa Real Estate Board sold 961 residential properties in October through the Board’s Multiple Listing Service® system compared with 1,094 in October 2007, a decrease of 12.2 per cent. There were 1,206 sales in September 2008.

“The resale market in Ottawa is easing back to around 2006 levels. Year-to-date, Ottawa’s resale home sales are ahead of where they were at the end of October 2006, and sale prices nudged upwards once again last month. At the end of October, 12,619 residential properties had been sold through MLS® this year, compared to 12,217 at the same time in 2006,” said Board President Heather Skuce.

The average price of residential properties, including condominiums, sold in October in the Ottawa area was $280,470, an increase of 2.2 per cent over October 2007. The Board cautions that average price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average price is calculated based on the total dollar volume of all properties sold.

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