Home sales hold steady as average price rises.
November 7, 2005 - Ottawa's real estate market remains "very positive" despite a slight decline in home sales in October, says the Ottawa Real Estate Board.
Sales statistics for the month of show 933 homes and condominiums changed hands, down 1.9 per cent from the same month a year ago.
"The average price of residential properties remains in the $244,000 range. Interestingly, there were almost 400 fewer new listings in the month of October than in September," president Jeff Greenberg says in a statement.
The high number of resale listings in recent months has provided ample selection for prospective buyers and resulted in a dramatic slowdown in new home construction.
Condominium sales jumped 6.9 per cent in October compared to the same month a year ago, while sales of single-family homes dropped 4.1 per cent.
So far this year, the resale market has proven remarkably stable. The total number of sales is down just 0.6 per cent, while the average price of a resale home has risen 3.6 per cent to $244,625.
© Copyright Ottawa Business Journal 2005