From the blog...
OTTAWA MARKET UPDATE: APRIL 2021
It is hard to believe that Ottawa has had lockdowns in April of last year and this year! This of course is going to have an impact on real estate sales. We are an essential service and I have had very few clients suspend their search due to the lockdown measures. The market is red hot of course but prices seem to be all over the place depending on the strategy the sellers are using. It is like wheel of fortune out there. You can list low and win a big number on offer day. If you list over actual retail value than your house may not get offers and you will be in a weird limbo that some sellers find themselves in. Finding the sweet spot price wise while not going over or too far under is what you need to do. Think of your Realtor as Bob Barker guiding you to the right price so you can play in the showcase showdown. Pricing has never been more important. Price too high and you could actually get far less for your property. It is not a great pricing system right now in the Ottawa real estate market and I hope it gets corrected. I long for the days of having standard prices where a list price actually means something. Until that happens we need to spin the wheel and play the game.
Stats for this month, which show year over year comparisons with 2020 are very skewed due to the State of Emergency declared in April 2020. April 2021 started off strong, however ended up tapering off due to the stricter lockdown order announcement that came mid-month.
We have had 166 per cent more residential sales this April versus this time last year and the average price for a residential property has seen an increase to $743,204, a 42 per cent increase from April 2020. Condos, also seeing an increase of 154 per cent in sales and average sale prices up 30 per cent at $427,145 compared to this time last year.
To show a true comparison 2,402 residential properties were sold in April, we can look at the 5 year average for April The five-year average for total unit sales in April is 1,830. That represents a sizable increase in sales.