Archive for the ‘Ottawa Market Update’ Category
Posted on: April 5th, 2014 by Chris Scott
The spring home buying and selling season is coming into bloom.
Members of the Board sold 1,189 residential properties in March through the MLS® System, an increase of 2.5% over March of 2013. Things are heating up.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,741, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,580, a decrease of 2 per cent over March 2013. The average sale price of a residential-class property was $386,553, an increase of 0.2 per cent over March 2013.
Every area is, however, slightly different so please give me a call if you are interested in knowing the value of your property.
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 any family, friends, neighbours or colleagues who are considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.
Chris
Posted on: March 5th, 2014 by Chris Scott
I think we are all wondering if Spring will ever come or even more– if Winter will ever end!
Members of the Ottawa Real Estate Board sold 870 residential properties in February through the Board’s Multiple Listing Service® system, compared with 903 in February 2013, a decrease of 3.7 per cent.
This year over year decrease in sales is perhaps due to the unusually cold weather or the distraction of the Olympics, but sales ARE up on a month-to-month basis. The market has picked up as we approach the busiest time of the year – 282 more homes were sold in February, over January.” February’s sales included 197 in the condominium property class, and 673 in the residential property class.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $353,407, an increase of two per cent over February 2013. The average sale price for a condominium-class property was $257,752, a decrease of 2.3 per cent over February 2013. The average sale price of a residential-class property was $381,407, an increase of 2.1 per cent over February 2013. Each area, however, has differences so if you are interested in what your property might be worth on today’s market, give me a call.
Chris
Posted on: February 6th, 2014 by Chris Scott
In spite of the very cold weather, residential sales in January were virtually identical to last year. This is good news. One would have thought the bitter cold would keep folks snug in their homes.
Members of the Ottawa Real Estate Board sold 589 residential properties in January through the Board’s Multiple Listing Service® system, compared with 594 in January 2013. The number of properties listed in January more than doubled the amount in December – a normal occurance after the holiday season.
The Ottawa resale market has remained steady. There have been no major increases or decreases in sales or prices notwithstanding the government’s intervention in mortgage rules over a year ago.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $346,744, an increase of one per cent over January 2013. The average sale price for a condominium-class property was $265,775, a decrease of 1.1 per cent over January 2013. The average sale price of a residential-class property was $368,779, an increase of 0.9 per cent over January 2013.
Every area is slightly different so please give me a call if you are interested to know the value of your property. I’m happy to help.
Chris
Posted on: January 7th, 2014 by Chris Scott
Happy 2014 to everyone! While the temperature outside is on the “cool” side, the Ottawa real estate market remains steady and balanced. Ottawa truly is a great place to call home.
Looking at the whole of 2013, the number of homes sold through the Board’s MLS® system was 13,873, compared with 14,326 in 2012, a decrease of 3.2 per cent. The average sale price for residential properties, including condominiums, sold in 2013 was $357,348, an increase of 1.6 per cent over 2012. In the first part of 2013, home sales were down compared to the year before – partly due to tighter mortgage rules. As the year progressed, however, the market began to pick up and then leveled out in November and December. Impending mortgage rate increases may be partly responsible for the increase in the second half of 2013 as many first-time buyers jumped into the market in advance of these increases.
Members of the Ottawa Real Estate Board sold 610 residential properties in December through the Board’s Multiple Listing Service® system, compared with 615 in December 2012, a decrease of less than one per cent. The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $340,021, an increase of 0.9 per cent over December 2012. The average sale price for a condominium-class property was $245,349, a decrease of 5.1 per cent over December 2012. The average sale price of a residential-class property was $369,543, an increase of three per cent over December 2012.
If you are interested in knowing what your property might be worth – or even the one down the street – or have any other real estate related questions, I would be happy to help.
Chris
Posted on: December 5th, 2013 by Chris Scott
The snowy month of November brought with it a slower than average resale market in Ottawa. On a more positive note, I hope the snow has put everyone in a holiday mood!!
Members of the Ottawa Real Estate Board sold 891 residential properties in November through the Board’s Multiple Listing Service® system, compared with 928 in November 2012, a decrease of four per cent. The five-year average for November sales is 939.
If we exclude condominiums, the number of residential properties sold in November was only down by 5 units compared to this time last year. The Ottawa market remains in stable territory.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,675, an increase of 1.9 per cent over November 2012. The average sale price for a condominium-class property was $258,118, no change from November 2012. The average sale price of a residential-class property was $380,593, an increase of 1.2 per cent over November 2012.
Each area shows different trends, so if you are interested to know the current market value of your house – or maybe even that of another house down the street, give me a call and I’d be happy to chat with you.
Chris
Posted on: November 6th, 2013 by Chris Scott
The clocks have been turned back and that’s a sure sign that we are headed into winter and cooler temperatures. The Ottawa Real Estate Market is, however, heating up!
Members of the Ottawa Real Estate Board sold 1,090 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,069 in October 2012, an increase of two per cent.
Resale units sold in October are right on par compared to the five-year average of 1,091. We are also seeing average prices begin to creep back up. The Ottawa market is proving, once again, to be a steady, balanced market.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $360,085, an increase of 4.1 per cent over October 2012. The average sale price for a condominium-class property was $270,542, an increase of 1.6 per cent over October 2012. The average sale price of a residential-class property was $381,580, an increase of 3.5 per cent over October 2012. Every area is, however, slightly different so please give me a call if you are interested in knowing the value of your property.
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 any family, friends, neighbours or colleagues who are considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.
Chris
Posted on: October 9th, 2013 by Chris Scott
The Ottawa resale market has started to heat up again. Members of the Ottawa Real Estate Board sold 1,119 residential properties in September through the Board’s Multiple Listing Service® system, compared with 995 in September 2012, an increase of 12.5 per cent. The five-year average for September sales is 1,121.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $346,342, a decrease of 1.2 per cent over September 2012. The average sale price for a condominium-class property was $257,059, a decrease of 3.4 per cent over September 2012. The average sale price of a residential-class property was $371,370, a decrease of 0.5 per cent over September 2012.
Ottawa and surrounding areas continue to grow and expand and Ottawa continues to be a healthy, balanced market. As the threat of increased mortgage rates looms, first-time buyers may want to get into the market sooner rather than later. If I can be of any help, whether you are thinking of buying or selling, please give me a call.
Chris
Posted on: September 5th, 2013 by Chris Scott
Summer is over and kids are back at school. Before you know it, the holiday season will be here.
Members of the Ottawa Real Estate Board sold 1,219 residential properties in August through the Boards Multiple Listing Service® system, compared with 1,145 in August 2012, an increase of 6.5 per cent. The five-year average for August sales is 1,202. Both residential and condo unit sales have increased since last year, breaking the downward trend. Inventory has decreased over last month and is starting to return to more normal levels.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $348,519, a slight increase of 0.4 per cent over August 2012. The average sale price for a condominium-class property was $257,494, a decrease of 5.4 per cent over August 2012. The average sale price of a residential-class property was $374,663, an increase of 1.8 per cent over August 2012. There can be significant differences from one neighbourhood to another so if you would like to see what is happening in your neighbourhood, give me a call.
Ottawa continues to be a healthy, balanced market. We are all very lucky to live here.
Chris
Posted on: August 3rd, 2013 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,339 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July’s sales are just below the five-year average of 1,347. The market has cooled down slightly, but Ottawa remains balanced, and we are not seeing the major fluctuations that other large Canadian cities sometimes experience.
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The average sale price for a condominium-class property was $275,189, an increase of 3.7 per cent over July 2012. The average sale price of a residential-class property was $381,156, an increase of 6.3 per cent over July 2012. In July, there were 14 properties sold over $1 million – an 80% increase in this price range over July 2012. This definitely affected the average sale price for July. Also, there can be significant differences from one neighbourhood to another so if you would like to see what is happening in your neighbourhood, give me a call.
Chris
Posted on: July 4th, 2013 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,594 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,662 in June 2012, a decrease of 4.1 per cent. Throughout the years, overall sales have consistently decreased from May to June so this is “normal” for the time of year.
June’s sales included 314 in the condominium property class, and 1,280 in the residential property class. The condo market has dipped slightly below average. The five-year average for June condo sales is 368 – putting June in at 17 per cent lower than the average. Residential units sold, without looking at condo sales, have decreased year to year only one per cent. Inventory on hand had been building up since the beginning of the year, but we’re now starting to see a small decrease, which will bring the Ottawa market into an even more balanced buyer/seller situation.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $359,232, an increase of 1.9 per cent over June 2012. The average sale price for a condominium-class property was $265,410, a decrease of 4.3 per cent over June 2012. The average sale price of a residential-class property was $382,248, an increase of 2.2 per cent over June 2012.
Every area is slightly different. If you would like to know what your home might be worth on today’s market, give me a call.
Chris
