Archive for the ‘Ottawa Market Update’ Category
Posted on: December 6th, 2015 by Chris Scott
Members of the Ottawa Real Estate Board sold 990 residential properties in November through the Board’s Multiple Listing Service® System, compared with 891 in November of 2014, an increase of 11.1 per cent. The five-year average for November sales is 944. It could be the mild weather – or maybe the aftermath of the federal election that were key to a very successful November resale market.
Inventory levels are balancing out, cumulative days on market have increased to 104, and average residential sale prices remain steady. This is very typical of a market that’s heading into the winter season. Don’t forget that every area is slightly different. If you wish to know what your house is worth – or maybe the one own the street, give me a call. I’d be glad to help.
Next month I will be releasing my annual market report. Stay tuned for a comprehensive look at the Ottawa real estate market. I have already started looking at CMHC reports, newspaper articles, and economist’s predictions. In the meantime have a very Merry Christmas! Wishing you all the best in the new year.
Chris
Posted on: November 7th, 2015 by Chris Scott
October was another strong month for the resale market
The national election could not slow down our October housing market here in Ottawa. Some impressive numbers were just released by the board.
The numbers show that October 2015 outpaced last year as well as the five-year average. Members of the Ottawa Real Estate Board sold 1,161 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,119 in October 2014, an increase of 4 per cent. The five-year average for October sales is 1100. The expected slow-down leading up to the Federal Election simply didn’t happen!
The resale market in Ottawa continues to be very stable and inventory has consistently declined since the busy spring market last May, bringing us back into balanced territory. Cumulative days on market also came down slightly to 86 days from 93 days in September.
The soft spot in our market right now is downtown high-rise condos segment. A recent CMHC report cautioned builders that there is an over-supply of this market currently. Supply simply out paces demand right now. This is starting to show in some pricing incentives from current builders to get rid of unsold inventory in fully competed buildings. This is something we will have to keep an eye on for sure.
Since every area is quite different, please give me a call if you are thinking about buying or selling – or even if you are simply curious to know what your home might be worth on today’s market. I am always happy to talk real estate!
Chris
Posted on: October 5th, 2015 by Chris Scott
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
Posted on: September 14th, 2015 by Chris Scott
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
Posted on: August 13th, 2015 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,436 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,440 in July 2014, a decrease of 0.3 per cent. The five-year average for July sales is 1,380.
The average cumulative days on market increased slightly to 78 days, compared to 74 last month. Inventory levels remain high, meaning we are in a Buyer’s market in most segments of the market.
The average sale price of a residential-class property sold in July in the Ottawa area was $394,889, an increase of 4.5 per cent over July 2014. The average sale price for a condominium-class property was $255,102, a decrease of 2.6 per cent over July 2014.
The $300,000 to $400,000 price range continues to have the highest concentration of properties sold and it is two-storey residential properties that continue to have the highest concentration of buyers in Ottawa.
If you are curious to know whats happening in your area, feel free to get in touch. I am always happy to help!
Chris
Posted on: July 8th, 2015 by Chris Scott
Year to date sales for the first half of 2015 are up 4.9% over the same period in 2014. This is very positive news for the Ottawa real estate market. Low interest rates and a good local economy have helped sustain these levels. There is more inventory this year than in years past so Buyers do have more choice. Even so, with the increase in sales this June, our market is in a balanced position except for the condo market which remains a Buyers’ Market.
Members of the Ottawa Real Estate Board sold 1,694 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,657 in June 2014, an increase of 2.2 per cent. The five-year average for June sales is 1,664.
Properties continue to move consistently and inventory levels at the end of the month are higher than usual but still healthy and on par with May levels. Average cumulative days on market is steady at 74 days.
The average sale price of a residential-class property sold in June in the Ottawa area was $404,254. The average sale price for a condominium-class property was $271,415
The number of residential units sold in June increased in every price range from $350,000 and above, and the $300,000 to $400,000 price range continues to have the highest concentration of properties sold.
Every area is different so if you are thinking of buying or selling, I do hope you will get in touch with me. Referrals are the basis of my successful business so keep them coming! I always have time for Real Estate questions.
Chris
Posted on: June 5th, 2015 by Chris Scott
The Ottawa resale market remains steady and strong!
This has been the most active May since 2009. Despite all the doom and gloom you hear on the news, the Ottawa real estate market remains very stable. The inventory levels are high which means lots of selection for buyers. By most accounts it would be considered a buyers’ market right now in Ottawa – especially in the central condo market.
Members of the Ottawa Real Estate Board sold 1,926 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.
The average cumulative days on market was 72 days in May, compared to 74 last month. The average sale price of a residential-class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 per cent over May 2014.
Since every area is slightly different, please don’t hesitate to give me a call if you are curious about what is happening in your neighborhood.
Chris
Posted on: May 7th, 2015 by Chris Scott
The real estate market is in full swing at the moment. We had a really busy April. I was involved with 5 separate multiple bid situations in April. This is the surest sign that buyers are out of hibernation and eager to find something. This past month there were over 1570 residential properties sold. This is above the 5 year average for April of 1,531. Good sign that Ottawa remains a very stable place to invest in real estate.
The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. Higher end properties are starting to move which likely accounts for the residential average sale price entering the $400,000 range.
Average cumulative days on market has improved in April, coming in at 74 days, compared to 83 in March. Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May. Every neighbourhood/segment has very different variables to consider. For information on whats happening in your area feel free to get in touch.
Chris
Posted on: April 14th, 2015 by Chris Scott
The Spring Market in Ottawa Real Estate is alive and well! Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236. March’s sales, which numbered 356 more units than in February (a 41.8% increase), included 228 in the condominium property class, and 980 in the residential property class.
The only concern in the market remains the high level of inventory in some neighbourhoods and price ranges. For instance in Stittsville there is over 12 months of inventory available for buyers looking over $500,000.
The average cumulative days on market was 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move faster as we enter the second quarter of 2015. Average sales price has also increased, ever so slightly. So far, the 2015 resale market looks to be steady and stable.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The average sale price for a condominium-class property was $251,666, no change over March 2014. The average sale price of a residential-class property was $387,141, no change over March 2014. The hottest segments of our market in March were sales between $300,000 and $400,000, followed by the $200,000 to $300,000 price range. If you want market statistics for your neighbourhood, please feel free to get in touch.
Chris
Posted on: March 16th, 2015 by Chris Scott
Buyers are just starting to come out of hibernation. It was a harsh winter and this extra cold weather did have an effect on resale numbers in Ottawa. Ottawa Realtors sold 868 properties residential properties in Ottawa for February. Our 5 year average is 914. Condo sales were down 10% from the same period last year. Not bad numbers considering.
The average sale price of residential properties including condos was $358,206. The hottest segment of the Ottawa re-sale market is between $300,000-$400,000 followed by $200,000 – $300,000.
As I look through our monthly sales numbers one thing has caught my eye. The average days on market is way up as compared with last year. When I examine days on market(DOM) it looks like a reasonable 59 days as compared with 57 from last year at first glance. However, when you look at the combined days on market, the number is much higher. Some homes get re-listed a few times and this time on market is included with the CDOM. The number increases to a very high 106 days. Last year it was 58. With inventory levels up and buyers a little shy to pull the trigger; houses will take longer to sell this year. All of this is very neighbourhood dependant. Sellers will need to be extra patient this year.
The good news is that sales appear to be at steady levels and prices are holding. So far it is shaping up to be a stable 2015 housing market here in Ottawa. If you have any questions about your home feel free to get in touch!
Chris
