Archive for the ‘Ottawa Market Update’ Category
Posted on: December 15th, 2016 by Chris Scott
Members of the Ottawa Real Estate Board sold 995 residential properties in November through the Board’s Multiple Listing Service® System, compared with 986 in November 2015, an increase of 0.9 percent. The five-year average for November is 939.
The November’s sales included 230 in the condominium property class and 765 in the residential property class.
The average sale price of a residential-class property sold in
November in the Ottawa area was $405,320 which is an increase of 6.5 percent from November 2015. The average sale price for a condominium-class property was $277,650 which is an increase of 1 percent from November 2015.
Since every area is slightly different, if you are thinking of buying or selling I hope you will contact me. I’m always happy to help!
Posted on: November 10th, 2016 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,214 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,159 in October 2015, an increase of 4.7 per cent. The five-year average for October sales is 1,130. This is the third straight months of record-breaking resales.
Residential sales are identical to that of October 2015, but condo sales have soared – up by 27.2 per cent over last year. This may be due to lower inventory levels combined with adjusting prices. It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.
The average sale price of a residential-class property sold in October in the Ottawa area was $392,579 an increase of 3.3 per cent over October 2015. The average sale price for a condominium-class property was $251,465, an increase of .01 per cent over October 2015.
Since every area is slightly different, if you are thinking of buying or selling I hope you will contact me. I’m always happy to help!
– Chris Scott
Posted on: October 11th, 2016 by Chris Scott
Another month with records broken for residential and condo units sold – 200 more units sold than the 5-year average for September sales.
Members of the Ottawa Real Estate Board sold 1,371 residential properties through the Board’s Multiple Listing Service® System, compared with 1,241 in September 2015 – an increase of 10.5%.
With fewer listings coming onto the market and recent higher unit sales, overall inventory is decreasing. We will watch with interest to see that happens with the basic economics of supply and demand at play.
The average sale price of a residential class property sold in September in the Ottawa area was $383,793 – a decrease of 0.1% over September 2015. The average sale price for a condominium class property was $252,136, a decrease of 2% over September 2015.
The hottest segments in our market continue to be 2-storey and bungalow residential homes in the $300,000 – $400,000 range.
Since every area is different, I hope you will call on me if you are planning to buy or sell. And – don’t forget those referrals – they are very important for the success of my business.
Chris
Posted on: September 12th, 2016 by Chris Scott
This has been the best August on record EVER for Ottawa Real Estate Board members, blowing the average for August sales out of the water. There were 1,484 residential properties sold in August through the Board’s Multiple Listing Service ® compared with 1,276 in August 2015 – an increase of 16.3%. The five-year average for August sales is 1,265.
Average sale prices have been steady all year. The average sale price of a residential class property sold in August in the Ottawa area was $389,786 – an increase of 2.5% over August, 2015. The average sale price for a condominium-class property was $272,166 – an increase of 11.1% over August, 2015. Six more properties in the $1 million+ range were sold last month which could account for the bump in average sale prices.
Since each area is slightly different, I hope you will call on me if you are thinking of buying or selling. I am always happy to help.
Chris
Posted on: August 10th, 2016 by Chris Scott
Summer resales sizzle in a hot July
The hot summer continues – both in weather and real estate! Sales continue to outpace 2015 numbers in both monthly and year-to-date comparisons. Members of the Ottawa Real Estate Board sold 1,491 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,430 in July 2015, an increase of 4.3 per cent. The five-year average for July sales is 1,413.
Things have slowed down slightly from the record-breaking June numbers, but this is typical in the summer. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 per cent compared to July 2015. At just over the mid-year mark for 2015, year-to-date sales volume is up by 5.3% over last year.
The average sale price of a residential-class property sold in July in the Ottawa area was $398,608, an increase of 1.1 per cent over July 2015. The average sale price for a condominium-class property was $259,794, an increase of 1.2 per cent over July 2015. The hottest segments in our market for July were two-storey and bungalow residential homes in the $300,000 to $400,000 price range.
Buying or Selling a home is likely one of the largest financial transactions you will do and should be handled by a professional Realtor®. If you are thinking of buying or selling – or you know somebody who is planning to do so – please give me a call. I’m happy to help.
Chris
Posted on: July 7th, 2016 by Chris Scott
HOT JUNE MARKET!
Members of the Ottawa Real Estate Board sold 1,985 residential properties in June through the Board’s Multiple Listing Service® System, compared with 1,691 in June 2015, an increase of 17.4 per cent. The five-year average for June sales is 1,717. June sales turned out to be the highest sales in any month EVER in the history of the Ottawa market.
There is usually a dip in sales as we move from May to June with May generally being the “peak” month. We will be watching the trend over the summer when sales typically slow down.
Year-to-date units sold for the first half of 2016 are up 5.4% compared to the first half of last year. A total of 3,220 residential and condo properties were listed in June, capping the month off with approximately 8,300 properties on the market, down 11.5 per cent from June 2015.
The average sale price of a residential-class property sold in June in the Ottawa area was $399,382, a decrease of 1.3 per cent over June 2015. The average sale price for a condominium-class property was $264,913, a decrease of 2.4 per cent over June 2015. Residential two-storey and bungalows continue to have the highest concentration of buyers in June.
Referrals are extremely important to me and to the success of my business and every neighbourhood has its differences- so if you are thinking of buying or selling, please give me a call.
Chris
Posted on: June 8th, 2016 by Chris Scott
The May weather was steamy and the May real estate market just as hot. The Ottawa resale market continued its steady pace upwards, continuing an above-average trend for the month of May.
Members of the Ottawa Real Estate Board sold 1,921 residential properties in May through the Board’s Multiple Listing Service® system, compared with similar sales of 1,926 in May 2015. The five-year average for May sales is 1,864. In May, 3,635 homes were listed. Ottawa is riding a strong and steady spring market.
The average sale price of a residential-class property sold in May in the Ottawa area was $406,063, an increase of 0.6 per cent over May 2015. The average sale price for a condominium-class property was $264,801, an increase of 1.5 per cent over May 2015. Residential two-storey and bungalow homes had the highest concentration of Buyers in May.
If you are thinking of buying or selling, or know of somebody who is, please give me a call. I am always happy to help. Don’t forget those referrals – they are so important to the success of my business and I appreciate every one of them.
Chris
Posted on: March 3rd, 2016 by Chris Scott
Leap Year Phenomenon or Early Spring Market?
Members of the Ottawa Real Estate Board sold 911 through MLS. The five-year average for February sales is 908.
There were 46 sales on that extra day in February this year which may account for some of the increase! Listings were also up, with 2,312 homes listed in February alone causing the inventory to rise by 10.7% since January. This is providing lots of options to buyers out there. More homes are coming onto the market in preparation for the busy spring selling season. If you’re thinking of putting your home on the market, this is a great time to do so. It might be good to beat the Spring rush.
The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 per cent over February 2015. The condo market continues to struggle – there is still way too much supply in this segment.
Every neighbourhood is unique. Feel free to get in touch with me to find out what’s happening in your area. Now is the time to buy or sell if you have been thinking about it. It is an active market for sellers and for buyers and there is lots of good inventory to choose from.
Chris
Posted on: February 4th, 2016 by Chris Scott
Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board’s Multiple Listing Service® system, compared with 626 in January 2015, a decrease of four per cent. The five-year average for January sales is 618. It isn’t unusual to have a slow-down once winter hits. Listings continue to be very active – the number of properties listed almost doubled the amount listed in December.
The average sale price of a residential-class property sold in January in the Ottawa area was $386,839, an increase of 4.6 per cent over January 2015. The average sale price for a condominium-class property was $247,205, a decrease of 1.3 per cent over January 2015.
As always, if you have any real estate-related questions, I will be happy to help you find answers. My business is based mostly on referrals so they are extremely important to me.
Chris
Posted on: January 12th, 2016 by Chris Scott
Ottawa’s real estate market was very steady in 2015. After the dust settled the total number of residential and condo units sold through the MLS® System for all of 2015 was 14,658, vs 13,919 in 2014, an increase of 5.3%. Residential and condo unit sales each outperformed the 2014 numbers. The year-to-date numbers for the average residential sale price in 2015 was $391,940, + 1.9% over 2014. The average condominium sale price was $259,691, a decrease of 1.5% over 2014.
I am predicting a very similar real estate market for 2016 to the one we just experienced this past year. Sales will be steady, inventory will be higher then normal, and conditions will remain fairly balanced. We will see sales levels at near historical highs. The buyer may have a slight advantage depending on location and market segment. For instance, the condo market remains an area of concern. Inventory levels are very high and condo developers still seem bullish on this market and continue to build. There is too much supply to match the demand. We could see downward pressure on prices in the condo market again this year. This will remain a buyers’ market. I predict Prices should be up about 1% by the end of the year. For condos there will be some good deals for buyers this year. I can see condo prices being very flat or decreasing anywhere from 1-2%.
Chris
