Ottawa Market Update, July 2019
July is often a slow month in real estate – but not this year! We recorded the highest number of July sales in 15 years. We saw an upsurge in new listings in July which has slightly improved housing inventory – though not enough to meet demand.
Members of the Ottawa Real Estate Board sold 1,842 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,605 in July 2018, an increase of 14.8%. July’s sales included 1,382 in the residential-property class, up 12.3% from a year ago, and 460 in the condominium-property category, a rise of 23% from July 2018. The five-year average for July unit sales is 1,579.
July’s average sale price for a condominium-class property was $299,665, an increase of 6.8% from last year while the average sale price of a residential-class property was $487,308, an increase of 10.4% from a year ago. Residential house prices continue to increase at a reasonable rate and condo prices have now recovered – the oversupply in that sector no longer exists.
In this type of market, it is vital that Sellers utilize the experience and advice of a REALTOR® to maximize your property’s potential — and if you are a Buyer, to guide you through the complexities this intricate market presents. Since each area is slightly different, please give me a call if you are thinking of buying or selling. And keep those referrals coming – they are greatly appreciated.