"Steady September contributes to strong third quarter for 2017"
September 2017 was a good month overall for Ottawa Real Estate! The number of units sold increased by 1.6% in comparison to September 2016, with average prices also increasing by 8.6%.
The main reason for the price increase is due to the low supply of available homes, which leads to a lot more bidding wars on properties. The areas of the city seeing this trend are in the West and South, with some other pocket areas throughout.
Over the summer months, there was a slow down in activity from Buyers as inventory was low, mortgage rates and rules changes occurred, and also because it’s that time of year.
So far the Fall market has seen an increase in Buyer activity and some inventory. Looks the routine is returning; summer is over and the kids are back in school! More people are trying to sell or purchase homes before further mortgage rate increases and winter arrives.
Want to know how your neighbourhood is doing? Have any questions or just simply want to talk Ottawa Real Estate? Please reach out to me, I would love to chat!
Ottawa Real Estate Board September MLS Stats “Steady September contributes to strong third quarter for 2017”
Members of the Ottawa Real Estate Board sold 1,387 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,365 in September 2016, an increase of 1.6 per cent. The five-year average for September sales is 1,250.
“We are seeing no slowdown in the condo market. Sales have been increasing in this property class since February, with the average increase per month coming in at 25.5 per cent,” says Rick Eisert, President of the Ottawa Real Estate Board. “The boost in condo sales has impacted our year-to-date unit sale figures and is putting us on track for a strong year-end finish.”
September’s sales included 311 in the condominium property class, and 1,076 in the residential property class. “Inventory levels and the number of new listings continue to tighten compared to the same time last year,” explains Eisert. “REALTORS® are reporting substantial increases in attendance at open houses over the past few months. The low inventory and the late summer weather have certainly contributed to this increased traffic.”
“The Ottawa market is showing signs of stabilizing after the record-setting spring and summer. All indications suggest that it will be a typical selling season heading into the fall,” says Eisert. “Although properties continue to sell much faster in comparison to this time last year, our market is still balanced, though trending toward a Sellers’ market. The average increase in sale price has not skyrocketed, but rather has increased gradually due to more homes selling in the $450+ price range compared to last year.”
The average sale price of a residential-class property sold in September in the Ottawa area was $416,464, an increase of 8.2 per cent over September 2016. The average sale price for a condominium-class property was $261,548, an increase of 3.9 per cent over September 2016. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
“The most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 36.2 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 51 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,364 properties since the beginning of the year.”
Thank you to Ottawa Real Estate Board for the article and can also be found on there website and the link below:
This is a great time to get your house on the market to sell in Ottawa as the inventory is still low and before the winter sets in . If you thinking of getting your home on the market soon or in the future please contact me and we can see exactly how the market has affected your home value.
Your Ottawa Real Estate Professional