Another great month for the Ottawa Real Estate Resale market based on the numbers for October 2017.
Some key points to take from the numbers is the following:
- 1,243 residential properties were sold in October 2017 compared with 1,214 in October 2016, an increase of 2.3 per cent.
- 261 condominium units have been sold in October 2017 which is an increase of 21.4 percent compared to number of units sold in October 2016
- Days on market went down by 17.7 percent from 55 days to 45 days compared to this time last year
- Average price for Residential homes for October 2017 is $425,256, an increase of 7.7 per cent over October 2016
- Average Price for a condominium in October 2017 is $269,604, an increase of 6.7 per cent over October 2016
- The most active market in Residential homes was in the price range of $300,000 to $399,999 which remains the most active price point, accounting for 33.3 per cent of the market
- The condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 per cent of the market
The market is still strong even with the snow on its way and holidays around the corner. There is alot of activity on the buying side with all the new mortage rules and interest rate changes that have happened and continue to change with the new year on its way.
There is little inventory at the moment for people to choose from so that is helping the number of days on market an increase in price points. In todays market it is important to be ready for the purchase and act quickly for when a property comes on the market that you like as you will most likely be competeting with others.
Condo market is doing well in the sense that sales are increasing as there is not as many new developments to choose from but it is important to be aware that most of the resale condos are not selling at very high or increased prices from what the sellers have purchased them for. They make for great rentals or for lifestyle choice but overall do not do very well on increase in value on the reasale.
November is already very active month and we should see another record in sales but I feel with alot higher numbers then even these past few strong months.
Have any questions about the market or your home then please feel to reach out to me anytime.
"Leaves may be falling, but the real estate market is not"
November 2, 2017
OTTAWA, Nov. 2, 2017 – Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3 per cent. The five-year average for October sales is 1,165.
“As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year’s performance, which was also a stellar year,” says Rick Eisert, President of the Ottawa Real Estate Board. October’s sales included 261 in the condominium property class, and 982 in the residential property class. “Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.”
“The fall market is brisk and could be fueled by the impending tightening of mortgage regulations,” says Eisert. “Properties continue to sell much faster in comparison to this time last year with the average days on market for residential properties down 17.7 per cent from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers’ market.”
Eisert adds “Slow but steady growth best describes Ottawa housing prices.” The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 per cent over October 2016. The average sale price for a condominium-class property was $269,604, an increase of 6.7 per cent over October 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.
“In the residential market, the $300,000 to $399,999 range remains the most active price point, accounting for 33.3 per cent of the market. While in the condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,607 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 . 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