Ottawa, September 7, 2005: Members of the Ottawa Real Estate Board experienced one of the best Augusts on record for resale housing according to statistics released by the Board.
“With 1,244 residential sales in August, 2005 (compared to 1044 sales in August 2004) and over 9,500 sales year to date, the year is on pace with last year’s unprecedented number of sales,” said Board President Jeff Greenberg. “Interestingly, the inventory of MLS® listings remains higher than last year as well and the average days on market continues to increase. Properties sold in August were on the market for an average of 47 days.”
The average price of residential properties sold in August in the Ottawa area was $239,929, an increase of 3.3 per cent over August 2004. 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.
The Ottawa Real Estate Board is an industry association of over 2,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Ontario and Canadian Real Estate Associations and are entitled to use the term REALTOR®. MLS® is a co-operative marketing system used by the Board’s members to ensure maximum exposure of properties listed for sale. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national website of The Canadian Real Estate Association at www.mls.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide.