From the blog...
Ottawa Market Update, Sept 2015
It has been one of the more interesting Ottawa real estate markets to observe over the course of 2015. Every month has left different clues on what the future will hold. The good news is that September is leaving more room for optimism then some of the previous months.
There were 1,244 residential properties in September through the Board’s MLS System, compared with 1,131 in September 2014, an increase of 10 per cent. This September marks the best September on record for the number of units sold in the Ottawa resale market. The five-year average for September sales is 1,137.
Inventory levels in Ottawa were down by over 4 per cent since last month. This is very positive news. The inventory levels have been much higher then usual in Ottawa this year. This new decline will be bringing the Ottawa resale market into more balanced territory in many neighbourhoods and segments of the market. Cumulative days on market increased slightly to 93 days, up from 89 days in August. Houses are taking much longer to sell this year because of all the extra competition in the market. Statistics are proving that sales are on track with previous years. The market is good – it is just more balanced because of the higher inventory levels.
The average sale price of a residential-class property sold in September in the Ottawa area was $385,142, an increase of 0.5 per cent over September 2014. The average sale price for a condominium-class property was $257,303, an increase of 1.3 per cent over September 2014.
If you want to know what’s happening in your neighbourhood, give me a call or drop me an email. I am never too busy to help.
Chris