Ottawa Market Update, October 2019
Members of the Ottawa Real Estate Board sold 1,607 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,375 in October 2018, an increase of 16.9%. October’s 1,211 residential sales were up 15% from a year ago, and 396 condo sales represented an increase of 23% from October 2018. The five-year average for October unit sales is 1,319. New listings are down, inventory remains scarce, and transactions are taking place at a breakneck pace. Home buyers and sellers are often required to make swift, on-the-spot decisions.
October’s average Days on Market (DOM) for residential properties decreased by 10 days to 33 days, and for condominiums, DOM decreased to 28 days from the average 47 days experienced this time last year. Year to date figures show 31 DOM (down 8 days) for residential properties and 35 DOM (16 fewer days) for condominiums. Products are flying off the shelves, so to speak.
October’s average sale price for a condominium-class property was $319,208, an increase of 18.3% from last year while the average sale price of a residential class property was $483,405, an increase of 7.6% from a year ago. Year to date figures show an 8.3% and 9.1% increase in average sale prices for residential and condominiums, respectively. We are seeing slightly above-average climbs in home prices this year. Still, the growths are reasonable considering the state of the market and Ottawa retains its reputation of being one of the country’s most affordable cities where residents can enjoy a high quality of life. There has been a significant increase in residential properties sold in the $500-750K price range. This price point now represents almost 1 in every 3 home sales.
Sellers should use the knowledge of a REALTOR® to understand the complexities of their home’s positioning. Buyers require timely guidance on how to put in an attractive offer in this fast-paced market, and both parties must understand the intricacies of the contracts they are signing. Please do give me a call if you are buying or selling a home. Local advice and guidance is the best.