Home resale market finishes 2003 on par with 2002.
January 13, 2004 - Ottawa's home resale market eased off from several years of feverish activity in 2003, but still finished the year on par with 2002, according to the latest data from the Ottawa Real Estate Board.
OREB said local realtors sold 657 residential units through the universally used Multiple Listing Service in December.
That total was a decline of 14.7 per cent from November's 770, while November's tally was a 17-per-cent drop from October.
Despite the easing in the market, OREB said 2003 still finished as a strong year. In all, 12,715 residential units changed hands in 2003, off by less than one per cent from 2002's record total of 12,831 sales.
As the market balances out and supply catches up with demand, selling prices have also eased. OREB said the average selling price in December was $217,882, short of the average for the entire year of $218,692.
"The number of sales for December reinforces the continuing solid market in the Ottawa area," incoming board president Glenda Brindle said in a statement.
"There are indications that the market is becoming more balanced as some properties are taking a little longer to sell and multiple offer situations are fewer."
OREB said two-storey homes were the most popular choice with homebuyers in 2003, accounting for almost half of the total.
In the condo market, sales slipped eight per cent to 2,648 units.
Fifty per cent of the homes sold last year carried a stiff price tag, falling in $150,000 to $250,000 price range.
© Copyright 2003 The Ottawa Business Journal