From the blog...
Ottawa Market Update, August 2015
It has been a good summer for Ottawa real estate, though prices are still fairly flat and there are some listing inventory concerns. August was a good month with unit sales increases for both residential properties and condos. Residential unit sales are up 5.3% YTD and the average selling price is up 1.9% to $395,437. Condo unit sales are down slightly by .5% YTD and the average selling price is down by 1% to $260,017.
On the residential front, the number of listings currently reported by the Board is 31.8% higher than the 5 year average. The number of current condo listings is 52% higher than the 5 year average. With these inventory levels, we can expect to see continued price pressure.
Some sellers may be leaving the market as there was a high level of listing expiries, withdrawals and cancellations in August. Perhaps sellers are waiting for a change in the market. Rental transactions involving Realtors are way up this year so many sellers may also be looking to rent their properties if they cannot secure a satisfactory sale.
As a rule, the real estate business is steady in September and October but starts to fall off in November, so sellers should plan accordingly. With properties generally taking longer to sell in our current market, the best time window for getting a property on the market is now!
Buying or selling a home is a major transaction and should be done with the advice of an experienced real estate agent. I would love to be that person so please give me a call.
Chris