Archive for the ‘Ottawa Market Update’ Category
Posted on: February 7th, 2015 by Chris Scott
The Ottawa housing market in January was reasonably brisk compared with sales numbers from one year ago.
Realtors in Ottawa sold 627 residential properties in January through the Multiple Listing Service® system, compared with 587 in January, 2014 – an increase of 6.8%. The 5-year average for January sales is 633. Essentially we are right on track for another year of steady sales.
The change in Ottawa’s housing market comes in the form of inventory. There are lots of choices for Ottawa home Buyers! The number of residential and condo properties listed in January (2,018) more than doubled the amount of newly listed properties from December. Many sellers this year are trying to get ahead of what might be a crowded spring listing season. Buyers will continue to have some good inventory to choose from.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $348,617, an increase of 0.5% over January 2014. The average condo property was $250,406, down 5.7% over January 2014. The average residential class property was $370,442, an increase of 0.5% over January 2014. Condos continue lag behind price gains on the residential side. This could be a challenging year again for condominium sellers.
The high amount of inventory and the record low interest rates will provide even more opportunity for Ottawa homebuyers. Our real estate market here in Ottawa remains stable, and the year ahead looks promising.
Every neighbourhood is different. If you are interested in knowing the value of your property – or maybe even the property down the street – give me a call. I’m always happy to help when it comes to real estate.
Chris
Posted on: January 8th, 2015 by Chris Scott
As a whole it was a stable year for Ottawa Real Estate in 2014. Sales were fairly flat and prices were up about 1.2%. The average selling price for all housing types was $361,712, an increase of 1.2 per cent over 2013.
The most significant change we have seen in the market is the build up of unsold listing inventory. This has shifted the market to what we can now consider a buyer’s market in Ottawa. This excess supply (plus new construction inventory from builders) resulted in lower price increases and more time on market for sellers. For buyers there are some good opportunities available in this market.
Total Sales of existing homes through the Ottawa Real Estate Board’s Multiple Listing Service numbered 13,928 for the year, an increase of 0.4 per cent from the 2013 total of 13,871. There is more supply but the demand has stayed steady.
Condo sales dropped 7.2 per cent to 2,661 for the year. This is a troubling trend. Sales are way down but inventory is actually up. There is simply too much supply right now in Ottawa’s downtown condo market. It is simple economics. Demand is low and supply is increasing. This trend really began in the 2nd half of 2014. This could put downward pressure on condo prices for 2015.
Average price increases in Ottawa:
2011: + 5.2%
2012: + 2.3%
2013: + 1.6%
2014: + 1.2%
2015: + 1.0%- my prediction
Chris
Posted on: December 3rd, 2014 by Chris Scott
‘Tis the Holiday Season! It sure came around quickly! Let’s hope the winter passes by just as quickly!!
Members of the Ottawa Real Estate Board sold 893 residential properties in November through the Board’s Multiple Listing Service® system, compared with 888 in November 2013, an increase of 0.6 per cent. The five-year average for November sales is 935. Inventory levels are starting to dip slightly which is normal for this time of year. Average sale prices are keeping steady with last year – all in all, a fairly typical year (so far) for the Ottawa Real Estate Market – steady, and fluctuating between a balanced and a buyer’s market.
November’s sales included 170 in the condominium property class, and 723 in the residential property class. The rental market continues to be hot in Ottawa with 175 properties rented in November. Sales are taking longer so sellers have to be patient with the market. New condo developments are likely the cause of resale condos being slightly behind last year’s volume. Although the market slows a bit in December, Buyers often start their search over the holiday period, statistically the highest property search period of the year.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,900, an increase of 0.4 per cent over November 2013. The average sale price for a condominium-class property was $250,425, a decrease of three per cent over November 2013. The average sale price of a residential-class property was $381,936, an increase of 0.7 per cent over November 2013.
Since every area can have slight differences, if you are interested in knowing what your property is worth on today’s market – or even the house down the street, give me a call. I’ll be happy to help.
Chris
Posted on: November 6th, 2014 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,121 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The five-year average for October sales is 1,076. The local residential listing inventory is up 12.5% from 2013, with 7,550 active listings at the end of October this year. This has moved us into a “Buyers’ Market”.
Since each area – and even each neighbourhood – can be different, if you are curious to know what your home (or that of your neighbour) is worth on today’s market, give me a call. I’m always happy to help when it comes to real estate!
Chris
Posted on: October 6th, 2014 by Chris Scott
Our community is fortunate to enjoy one of the most stable real estate markets in Canada. Overall the Ottawa real estate numbers for September are right in line with 2013’s. Condos are the only segment that is struggling a little bit right now. Inventory in this segment remains very high. This is putting downward pressure on prices.
Members of the Ottawa Real Estate Board sold 1,133 residential properties in September through the Board’s Multiple Listing Service® system, compared with 1,118 in September 2013, an increase of 1.3 per cent. The five-year average for September sales is 1,103. September’s sales included 232 in the condominium property class, and 901 in the residential property class.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $356,915, an increase of three per cent over September 2013. The average sale price for a condominium-class property was $254,036, a decrease of 1.2 per cent over September 2013. The average sale price of a residential-class property was $383,406, an increase of 3.2 per cent over September 2013. Condos performed better in September than in August. The $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range, which is closely followed by the $275,000 to $299,999 price range.
Each area, however, is slightly different. If you are thinking about a move, please do give me a call.
Chris
Posted on: September 9th, 2014 by Chris Scott
The children are back in school – a sure sign that summer is coming to an end!
Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199. It is normal to have an end-of-summer slow-down and, although sales numbers are down slightly since last year, August’s sales are slightly higher than the five-year average. If we exclude condos, residential units are up four per cent year-over-year. Average sale price has increased for both the residential and condo class.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $360,214, an increase of 3.4 per cent over August 2013. The average sale price for a condominium-class property was $263,996, an increase of 2.7 per cent over August 2013. The average sale price of a residential-class property was $381,628, an increase of 1.9 per cent over August 2013. The $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range – the later range up by 27.4 per cent from last year which may possibly be the contributing factor in the average house price increases this month.
One area of concern is the Ottawa condo market. Sales are down 19% in August compared with 2013. There is lots of inventory available right now. I see sales remaining flat in this segment for the remainder of the year.
Each area, however, is slightly different. If you are thinking of buying or selling a home, I hope you will feel confident to come to me for assistance. Real Estate transactions are what I love to do and I would be happy to help you in any way I can.
Chris
Posted on: August 10th, 2014 by Chris Scott
Second highest July sales on record
For those of you who like really hot weather, this has not been the best summer. It has, however, been a good summer – at least so far – for real estate. Members of the Ottawa Real Estate Board sold 1,445 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,336 in July 2013, an increase of 8.2 per cent. The five-year average for July is 1,317.
Sales from this past month are the second best on record for July, only comparable to the 1,578 sales in July 2009. Strong sales in the past few months have brought year-to-date sales right on par with 2013. This year is shaping up to be another strong and stable year for the Ottawa market. This is surprising after the really slow first quarter of the Ottawa real estate market. There may be more sales this July but it does not mean it has been easier for sellers to sell. We still have more inventory available this year then in years past, especially on the condo side of things.
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $356,735, a decrease of 0.8 per cent over July 2013. The average sale price for a condominium-class property was $261,663, a decrease of 5.3 per cent over July 2013. The average sale price of a residential-class property was $377,791, a decrease of 0.8 per cent over July 2013. The average sale price is down slightly since last year, partially because there were six fewer properties sold in the over $1 million range this July compared to July 2013.
If you have any questions about the Ottawa Real Estate market please do not hesitate to contact me. I am always happy to help!
Chris
Posted on: July 4th, 2014 by Chris Scott
Ottawa’s housing market continues to be strong and balanced as June’s numbers indicate. It is really a fair market for both Ottawa home buyers and sellers alike. This is indicated in a very reasonable “days on market” (the number of days from listing start until sold date). In Ottawa we have an average days on market that is holding steady at 42 days.
The residential and condo unit inventory on hand is just over 8,500, compared to approximately 7,500 last year. While this moderate increase of 13 per cent in the inventory of residential and condo units has created more selection for buyers, and increased competition for sellers, this is consistent with an active housing market.
Members of the Ottawa Real Estate Board sold 1,661 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,593 in June 2013, an increase of 4.3 per cent. The five-year average for June is 1,636. Ottawa is also doing well in comparison to the first six months of 2013. With positive numbers in May and June, year-to-date units sold are now only off by 106 units; while the average sale price has increased 1.5 per cent over a year ago.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $364,264, an increase of 1.4 per cent over June 2013. The average sale price for a condominium-class property was $258,135, a decrease of 2.8 per cent over June 2013. The average sale price of a residential-class property was $389,198, an increase of 1.8 per cent over June 2013. Each area, however, is slightly different. If you are interested in knowing what your home is worth on today’s market, or even the house down the street, give me a call.
I hope you will call me if you are thinking of buying or selling. By the way, referrals play a huge role in the success of my business so please think of me and do mention my name if you hear of anyone who is considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.
Chris
Posted on: June 5th, 2014 by Chris Scott
Spring Buyers have come out of hibernation! Members of the Ottawa Real Estate Board sold 1,792 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,797 in May 2013, a decrease of 0.3 per cent. The five-year average for May is 1,765. April was a bit slow for the Ottawa market but May sales are up 26.2 per cent from April – or 372 units. The inventory on hand continues to grow, and prices remain stable.
If we look at the residential property class alone, the units sold year over year are up 1.2 per cent. The market for condos, however, has been sluggish. We’re seeing a 19 per cent increase in the amount of inventory on hand over this time last year and unit sales are down 7.1 per cent. If you are looking to buy and hold, the selection and prices are attractive. Let me know if a condo is what you are looking for and we can discuss the pros and cons and timing.
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $381,172, an increase of 3.2 per cent over May 2013. The average sale price for a condominium-class property was $280,661, an increase of 6.9 per cent over May 2013. The average sale price of a residential-class property was $401,626, an increase of 2.1 per cent over May 2013.
Every area has slightly different market values. If you would like to know the value of your property – or if you are thinking of buying or selling, please do not hesitate to contact me. I am always available to take your call.
Chris
Posted on: May 5th, 2014 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,420 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,569 in April 2013, a decrease of 9.5 per cent. With a late spring in terms of weather, it isn’t unexpected to see the market have a later upswing than normal.
That being said, properties sold in April were on the market an average of 45 days, a few days less than what was indicated in March. In addition, 233 more properties changed hands in April than was the case in March so there has been a continued steady pace upwards since year-beginning.
Average sale prices are on par with prices from a year ago, even year-to-date price comparisons remain steady. The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $374,015, an increase of 0.8 per cent over April 2013. The average sale price for a condominium-class property was $258,500, a decrease of three per cent over April 2013. The average sale price of a residential-class property was $399,541, an increase of 0.9 per cent over April 2013.
Every area, however, shows different trends. If you are interested in knowing the value of your property, please give me a call.
Chris
