Ottawa Real Estate Market Review

Ottawa Real Estate Market Report.

 

The year end statistics are out and the Ottawa Real Estate Market has shown mixed results that clearly indicates a changing market but certainly not the doom and gloom spread by the media.  Statistically our average house price has risen by 6.3%, while the number of sales has declined by 5.7% and the number of listing has increased by 7.7% , when compared to the statistics of 2007.  However, 2007 was the highest year on record for sales and had fewer listings than 2006 and 2005.  This created a very positive market in 2007.  2008 has been a very good year.  Sales fell back to just below, the then record, of 2006, listings increased and the average price showed a healthy increase. Did your RRSP grow by 6% in 2008? 

 So what does all this mean, if you are thinking of selling in 2009?  The market has changed to become a more balanced market, leaning towards a buyers market.  If you are planning on selling in 2009 you must take the time to prepare your house for sale, expose the house to as many potential buyers as possible and price it competitively.  The days of limited marketing an overpriced house in poor condition and getting a sale are gone.  

Realistically priced homes that are well presented and marketed to the widest number of buyers will still fetch a solid sale price.  Sellers need to expect a longer marketing period, more aggressive offers from buyers and should spend more time/money preparing their home for sale.  Buyers will have more options, longer time to make decisions and fewer bidding wars but will still have to pay fair market value and can expect to pay as much or more than in 2008.

 Details on your local market can be obtained by calling David and Joyce Armstrong, Brokers with Century 21 John DeVries Ltd., Brokerage at 613-836-2570 or e-mail us at david.armstrong@century21.ca . If you are buying or selling call us first.

 The chart below covers the overall Ottawa market and the 2 primary markets we work in but our exclusive Home Audit Evaluation will give you specific information about your home style and location.

 

Ottawa Real Estate Market 2007/2008 Comparison.

  

 

 

Listings

 

 

Unit Sales

 

 

Ave. Price

 

 

2007

2008

% chg

2007

2008

% chg

2007

2008

% chg

 

 

 

 

 

 

 

 

 

 

Ottawa

24,298

26,375

+7.7

14,565

13,733

-5.7

$272,477

$289,766

+6.3

Barrhaven

1,338

1,457

+8.9

1008

949

-5.9

$274,926

$292,229

+6.3

Kanata

1,533

1,655

+7.8

1,187

1,127

-5.1

$273,931

$289,275

+5.6

  

David Armstrong

David Armstrong

Broker of Record
CENTURY 21 John DeVries Ltd., Brokerage*
Contact Me

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