Ottawa home sales drop in May but remain on par with long term average

OLYMPUS DIGITAL CAMERAThe weather may be warm in Canada’s capital but home sales are cooling. Ottawa home sales dropped from 1,890 properties in May 2012 to 1,804 last month, a decrease of 4.6 per cent according to an Ottawa Real Estate Board press release.

“The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before,” said Immediate Past President of the Ottawa Real Estate Board, Ansel Clarke.

May sales included 326 in the condominium property class and 1,478 in the residential property class, which includes detached, semi-detached, apartments, and townhouses properties.

The average sale price of residential properties, including condominiums sold in May in the Ottawa area, grew higher to $370,501, an increase of 2.1 per cent over May 2012. The average sale price for a condominium class property decreased in price to $262,467, down 2.3 per cent from May 2012.

Stay tuned to see if the Ottawa market continues its summer cool down in June.