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Brisk Real Estate Resales Heat Up June Ottawa, July 10, 2007:
Members of the Ottawa Real Estate Board sold 1,651 homes in June through the Board's Multiple Listing Service® system, compared with 1,855 in May 2007. There were 1,600 sales in June 2006.
“Homes are still selling at a brisk pace, spending an average of just 34 days on the market before being snapped up,” said Board President Diane Hatfield. “With more than 8,000 homes sold already in 2007, the Ottawa resale housing market is on track for another record-breaking year.”
“It’s also interesting to note that condo sales continue to drive growth – that segment accounts for the entire difference between sales in June 2006 and June 2007, making it clear that condos are still a hot commodity in Ottawa,” Hatfield added.
The average price of the homes sold in June through the MLS® system in the Ottawa area was $279,429, an increase of 7.8 per cent over June 2006. 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 2,280 REALTORS® in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board's internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board's weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.
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