The Ottawa Real Estate Board (OREB) has released its month-over-month recap for residential and condo sales, revealing positive trends and promising growth in May. The report highlights significant increases in sales volume and average prices, indicating a robust seller's market in Ottawa.

We spoke with Mitch Mackenzie about the current market trends.

Below is a summary of the numbers, keep reading for a more in-depth analysis.

Residential Sales in May:

# of Sales are up 245% vs January
# of Sales are up 28% vs April
Average prices are up since Jan-March but remained stable compared to April
Average prices are up a total of $69,695 since Jan

Condo Sales in May:

# of Sales are up 216% vs January
# of Sales are up 39% vs April
Average prices are up month-over-month since Jan.
Average prices are up a total of $30,615 since Jan

Days to Sell (CDOM - Days on Market) has dropped in half since January with the average days to sell sitting at 35-36 days and getting better each month.

Residential Sales Surge:

Residential sales in May demonstrated remarkable growth compared to previous months. The number of sales soared by an impressive 245% when compared to January, showcasing the increasing demand for residential properties in Ottawa. Moreover, May witnessed a 28% increase in sales compared to April, further solidifying the upward trajectory of the market.

Despite the surge in sales, average prices remained stable compared to April. However, compared to the January to March period, we are seeing a noticeable increase in average prices. Since January, the average residential property price in Ottawa has risen by a substantial $69,695, reflecting the growing value of properties in the area.

Condo Sales Flourish:

Condo sales also experienced significant growth, reinforcing the overall positive trend in the Ottawa real estate market. Compared to January, condo sales in May increased by an impressive 216%. Furthermore, there was a 39% surge in sales compared to April, demonstrating sustained momentum in this segment.

Average condo prices have been consistently rising month-over-month since January. Overall, there has been a significant increase of $30,615 in average condo prices since the beginning of the year. These findings indicate a healthy and thriving condo market in Ottawa.

Reduced Days on Market:

Another notable metric that has significantly improved since January is the days on market (CDOM). The average number of days it takes to sell a property has been cut in half, with the current average sitting at around 35-36 days. This reduction indicates a faster pace of transactions and suggests increased buyer interest in the market.

Market Outlook:

According to Ken Dekker, President of the Ottawa Real Estate Board, May's transactions have surpassed expectations and signify a promising year for sellers. While he acknowledges the potential impact of interest rate adjustments, he remains optimistic about the market's strength. With limited inventory, the current conditions favour sellers, as demand continues to outstrip supply.

The Ottawa real estate market has shown remarkable growth in May, with both residential and condo sales experiencing substantial increases compared to previous months. The surge in sales volume and rising average prices suggest a strong seller's market, highlighting the high demand for properties in Ottawa. As the market continues to evolve, it will be interesting to observe how these trends shape the future of the real estate landscape in the capital city.