December 2016 Ottawa Real Estate Statistics
Ottawa closed the 2016 real estate market with an uptick in sales numbers. While the average price remained fairly steady throughout the year, Ottawa Real Estate Board (OREB) members sold 15,537 properties from January 1 to December 31st, a six per cent increase over the previous year. The final five months of the year reported the highest unit sales to date, including recently released numbers for December 2016.
Homebuyers paid an average of $397,778 for residential real estate in the capital city during 2016. For condominiums, the average sale price was $260,982. Both dollar figures are up slightly over 2015. The total dollar volume of all sold properties in that time frame determines the average sale price. The $300,000 to 399,999 market segment reported the most activity during the year.
December 2016 sales reached 715, a 1.7 per cent increase over December 2015. The five-year average for total sales is 656. The number of condominium class properties closed represented 165 of the monthly total. Homebuyers paid an average of $420,750 for residential real estate during the holiday season, an 8.7% increase.
“The listing inventory for both residential and condos trended lower all year, however units sold trended higher most months, outpacing 2015 by a fair margin,” says Rick Eisert, Ottawa Real Estate Board President. “Cumulative days on market increased to 123 days in December, while the average for the year stayed steady at 91 days. Average residential sale prices remained virtually unchanged over last year, however we are seeing an increase in December compared to 2015, which could be a result of a higher concentration of properties sold in the $500,000 and up range.”
A strong 2016 real estate market is promising to continue into 2017. Start your home buying process today. While the summer months are traditionally the busiest in Ottawa real estate, the Hooper Home team knows that winter and spring are excellent seasons to list or buy.