Ottawa Market Update, March 2019
Spring is coming, but where are all the houses for sale? Members of the Ottawa Real Estate Board sold 1,511 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,654 in March 2018, a decrease of 8.6 per cent. March’s sales included 1,136 in the residential property class, a drop of 12.4 per cent from a year ago, and 375 in the condominium property class, an increase of 5 per cent from March 2018. The five-year average for March unit sales is 1,402.
A lack of inventory is resulting in reductions in days on market – properties are selling quickly and buyers are often facing multiple offers. These are signs of a “sellers’ market” but it is a very stressful time for buyers. Sellers, too, are facing problems finding a home to buy which is why they aren’t listing! Condo units in the entry-level range are becoming hard to find as first-time home buyers are fighting to get into the housing market.
Ottawa’s population base is increasing approx. 8.8% per year. With high demand and low supply, prices will continue to push upwards. The average sale price of a residential class property sold in March in the Ottawa area was $480,143, a rise of 7.2 per cent over March 2018. The average sale price for a condominium-class property was $290,181, an increase of 5.2 per cent from this month last year.
With this kind of complex market, it is essential that both buyers and sellers enlist the experience and guidance of a REALTOR® to help them wind their way through these difficult times. If you are thinking of buying or selling – or you know somebody who is, please give me a shout. I’m always happy to help. And – don’t forget those referrals. They mean a lot to the success of my business.